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Policyholders Protection Act 1997 (repealed)
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Changes over time for: Cross Heading: Miscellaneous other amendments of the 1975 Act
No longer has effect: 01/12/2001
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- Prospective- Amendment
- Stop date 01/12/2001- Amendment
- 05/01/1998
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There are currently no known outstanding effects for the Policyholders Protection Act 1997 (repealed), Cross Heading: Miscellaneous other amendments of the 1975 Act.
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Prospective
Miscellaneous other amendments of the 1975 ActU.K.
14 Increase in the Board’s borrowing limit.U.K.
(1)Section 1 of the 1975 Act (which makes provision for the financing of the Board’s expenditure in performing their functions) shall be amended as follows.
(2)In subsection (4) (limit on amount outstanding in respect of principal of money borrowed by the Board), for “£10 million” there shall be substituted “ £40 million ”.
(3)After that subsection there shall be inserted—
“(4A)The [F1Treasury] may by order made by statutory instrument amend subsection (4) above by substituting a different figure for the figure for the time being specified there.
(4B)An order made under this section may be revoked by a subsequent order so made.
(4C)Any statutory instrument containing an order under this section shall be subject to annulment in pursuance of a resolution of either House of Parliament.”
Textual Amendments
F1Words in s. 14 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. II para. 127 (with art. 7)
15 Transfer of insurance business to authorised friendly society.U.K.
(1)In section 11(5)(a) of the 1975 Act (powers of the Board in relation to the transfer of the long term business of a company in liquidation), after “another insurance company to which this Act applies” there shall be inserted “ or an authorised friendly society ”.
(2)In section 16(3) of that Act (corresponding provision in relation to companies in financial difficulties), after “another insurance company to which this Act applies” there shall be inserted “ or an authorised friendly society ”.
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