Friendly Societies Act 1992

99 Insurance of lives of children under 10. U.K.

(1) Subject to the following provisions of this section, if—

(a) after this section comes into force a friendly society or registered branch [F1 or an industrial assurance company] enters into a contract of insurance under which benefit in excess of £800 is payable on the death of any person; and

(b) that person dies under the age of 10,

the obligation of the society, branch or company as to payment of benefit is only to pay £800 (without prejudice to any person’s right to recover part of the premiums paid).

(2) Subsection (1) above does not apply where the benefit is payable to a person who has an interest in the life of the person on whose death it is payable.

(3) The [F2 Treasury may] by order substitute some other sum for the sum for the time being specified in subsection (1) above.

F3 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F4 (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.]

Textual Amendments

F1 Words in s. 99(1)(a) repealed (17.8.2001 for specified purposes) by Financial Services and Markets Act 2000 (Mutual Societies) Order 2001 (S.I. 2001/2617), arts. 2(a), 8(1), 13(1), Sch. 3 para. 105(a), Sch. 4 (with art. 13(3), Sch. 5); however, S.I. 2001/2617, Sch. 3 para. 105(a) is revoked (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001 (S.I. 2001/3647), reg. 1, Sch. 3 para. 23 and the words omitted by that sub-paragraph are to be treated as if they had not been omitted

F2 Words in s. 99(3) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 105(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F3 S. 99(4) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F4 S. 99(5) inserted (1.12.2001) by S.I. 2001/3647, art. 5, Sch. 3 para. 13

Modifications etc. (not altering text)

C1 S. 99(3): Functions of Friendly Societies Commission transferred (1.12.2001) to the Treasury by S.I. 2001/2617, arts. 2(b), 4(1), Sch. 1 Pt. II (with art. 5)