The Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001

13.  In section 99 of the Friendly Societies Act 1992 (insurance of lives of children under 10) after subsection (4)(1) insert—

“(5) For the purposes of this section—

(a) “industrial assurance company” means a person, other than a friendly society, who immediately before the repeal of the Industrial Assurance Act 1923, carried on industrial assurance business, and after that repeal is subject to an existing liability or a liability which may accrue under any policy effected in the course of that business;

(b) “industrial assurance business” means business which, immediately before the repeal of the Industrial Assurance Act 1923, fell within section 1(2) of that Act.”.

(1)

Subsection (4) of section 99 was omitted by S.I. 2001/2617, Schedule 3, paragraph 105(c).