Policyholders Protection Act 1997

  1. Introductory Text

  2. General scope of the Board’s functions

    1. 1.Insurance companies to which the 1975 Act applies

    2. 2.Eligibility of policyholders for protection

  3. Companies in financial difficulties

    1. 3.Persons qualifying for protection

    2. 4.Deferment of payment

    3. 5.Operation of the “cost test”

    4. 6.Schemes of arrangement, etc.: power of Secretary of State to intervene

  4. Levies on insurance companies

    1. 7.Extension of levies

    2. 8.Restriction of leviable income

    3. 9.Calculation of payment under general business levies

    4. 10.Exemption from payment

    5. 11.Payment by instalments

  5. Intermediaries

    1. 12.Payment of levies by instalments

    2. 13.Right to reimbursement by the Board

  6. Miscellaneous other amendments of the 1975 Act

    1. 14.Increase in the Board’s borrowing limit

    2. 15.Transfer of insurance business to authorised friendly society

  7. Interpretation of the 1975 Act

    1. 16.Extension of definition of “policy holder”

    2. 17.Situation of risks and commitments

    3. 18.Miscellaneous

  8. Friendly societies

    1. 19.Application of levy provisions

    2. 20.Consequential amendments

  9. Supplementary

    1. 21.Interpretation

    2. 22.Repeals

    3. 23.Short title, commencement and extent

  10. SCHEDULES

    1. SCHEDULE 1

      Section 1: consequential amendments

      1. 1.The 1975 Act shall be amended as follows.

      2. 2.In section 5(1) and (4), for “authorised insurance company” there...

      3. 3.In section 6(2), for “authorised insurance company” there shall be...

      4. 4.In section 9(1), for “authorised insurance company” there shall be...

      5. 5.In section 11(5), for “authorised insurance company”, in both places,...

      6. 6.In section 15(1), for “authorised insurance company” there shall be...

      7. 7.(1) Section 16 shall be amended as follows.

      8. 8.In section 23(1), for “authorised insurance company” there shall be...

      9. 9.In section 26(1), for “authorised insurance company” there shall be...

      10. 10.In section 32, after subsection (1) there shall be inserted—...

      11. 11.(1) In Schedule 1, paragraph 1 shall be amended as...

    2. SCHEDULE 2

      Section 2: consequential amendments

      1. 1.The 1975 Act shall be amended as follows.

      2. 2.(1) Section 6 shall be amended as follows.

      3. 3.(1) Section 8 shall be amended as follows.

      4. 4.(1) Section 9 shall be amended as follows.

      5. 5.(1) Section 10 shall be amended as follows.

      6. 6.(1) Section 11 shall be amended as follows.

      7. 7.(1) Section 12 shall be amended as follows.

      8. 8.(1) Section 15 shall be amended as follows.

      9. 9.(1) Section 16 shall be amended as follows.

      10. 10.(1) Section 17 shall be amended as follows.

      11. 11.In section 32(1), after the definition of the expression “long...

    3. SCHEDULE 3

      Section 6: consequential amendments

      1. 1.The 1975 Act shall be amended as follows.

      2. 2.In section 1(2), after paragraph (a) there shall be inserted—...

      3. 3.In section 18(3)(a), for “or 16” there shall be substituted...

      4. 4.(1) Section 28 shall be amended as follows.

    4. SCHEDULE 4

      Friendly societies: consequential amendments

      1. Part I Amendments of Schedule 17 to the Friendly Societies Act 1992

        1. 1.In paragraph 1(1), in the inserted section 1(2)(aa), for sub-paragraph...

        2. 2.For paragraph 3 there shall be substituted— (1) Section 4 (protection confined to insurance under qualifying policies...

        3. 3.(1) Paragraph 6 shall be amended as follows.

        4. 4.(1) In paragraph 7, the inserted section 8A shall be...

        5. 5.In paragraph 9— (a) for “subsection (3)” there shall be...

        6. 6.In paragraph 11, in the subsection inserted in section 16...

        7. 7.For paragraph 16 there shall be substituted— In section 25 (application of surplus funds by the Board),...

        8. 8.(1) Paragraph 18 shall be amended as follows.

      2. Part II Application of the 1975 Act to existing contracts

        1. 9.For section 4 there shall be substituted— Protection confined to...

        2. 10.In section 8A— (a) in subsection (1)—

        3. 11.In section 10— (a) in subsection (2)—

        4. 12.In section 11— (a) in subsection (3)—

        5. 13.In section 12— (a) in subsection (1)—

        6. 14.In section 15— (a) in subsection (2), for the words...

        7. 15.In section 16— (a) in subsection (6), after “In this...

        8. 16.In section 17— (a) in subsection (4)—

        9. 17.In section 21, subsection (9A) shall be omitted.

        10. 18.In section 32(1), at the end there shall be inserted...

    5. SCHEDULE 5

      Repeals