Financial Services and Markets Act 2000

Financial Services and Markets Act 2000

2000 CHAPTER 8

Commentary on Sections

Part Xxviii: Miscellaneous

Section 416: Provisions relating to industrial assurance and certain other enactments

735. This section provides for the Industrial Assurance Acts 1923-48 (and the equivalent Northern Ireland Order) to cease to have effect and for the repeal of the Insurance Brokers (Registration) Act 1977.  It also provides for the dissolution of certain statutory bodies mentioned in subsection (3).  The section also confers on the Treasury a power by order to make such provisions as it considers necessary in consequence of the provisions of this section.  Such consequential provisions would allow, for example, for the protection of existing policyholders under the Industrial Assurance Acts, and to make provision for the orderly dissolution of the bodies mentioned.

736. The repeals and dissolutions set out in this section are dealt with on the face of the Act because they may not be entirely consequential on the other provisions of the Act and therefore maybe outside the scope of section 426, which allows for consequential repeals to be made by order.