The Insurance Brokers Registration Council (Indemnity Insurance and Grants Scheme) Rules Approval Order 1987

1.—(1) These Rules may be cited as the Insurance Brokers Registration Council (Indemnity Insurance and Grants Scheme) Rules 1987.

(2) In their application to a business in existence immediately before the coming into operation of these Rules which is carried on by a practising insurance broker or an enrolled body corporate, rule 3(1), (2), (3) and (7) shall have effect as from the first occasion after the coming into operation of these Rules that a policy taken out in pursuance of the Insurance Brokers Registration Council (Indemnity Insurance and Grants Scheme) Rules 1979 falls to be renewed or replaced by a new policy or policies as the case may be.

(3) Until any existing policy taken out in pursuance of rule 3(1) of the said Rules of 1979 is renewed or is replaced by a new policy, as the case may be, rules 3(4) and (5), 4(1) and (2) and 5 shall apply and have effect in relation to that existing policy and in relation to the business of the practising insurance broker or the enrolled body corporate maintaining that policy as if references therein to these Rules or to the provisions of a particular Rule were references to the equivalent Rules or provisions contained in the said Rules of 1979.