SCHEDULES

Prospective

[F1SCHEDULE 17U.K. Amendments of Policyholders Protection Act 1975]

Textual Amendments

F1Schs. 17-19 shall cease to have effect (17.8.2001 for specified purposes and otherwiseprosp.) by virtue of S.I. 2001/2617, arts. 2(a), 8(1), 13(1), Sch. 3 para. 130 (with art. 13(3), Sch. 5) and are repealed (prosp.) by S.I. 2001/2617, arts. 2(b), 13(2), Sch. 4 (with art. 13(3), Sch. 5)

2After section 3 there shall be inserted the following section—

“3A Authorised and other friendly societies.

“3A(1)The functions of the Board under this Act shall be exercisable in relation to persons such as are mentioned in section 1(2)(aa) above only in cases where the friendly societies in question are qualifying friendly societies.

(2)Friendly societies are qualifying friendly societies if—

(a)they are authorised friendly societies;

(b)the Board is satisfied that they fall within subsection (3) or (4) below; or

(c)the Board has at any time been so satisfied.

(3)A society falls within this subsection if—

(a)it is required by section 48 of the Friendly Societies Act 1992 to maintain a margin of solvency; and

(b)it possesses the margin of solvency which it is required to maintain.

(4)A society falls within this subsection if—

(a)it is not required by section 48 of the Friendly Societies Act 1992 to maintain a margin of solvency; but

(b)the value of its assets exceeds its liabilities.

(5)It shall be the duty of the Commission to send the Board any abstract or other information required by the Board to enable it to perform the functions conferred on it by this section.”