1.  This Order may be cited as the Insurance Brokers Registration Council (Indemnity Insurance and Grants Scheme) Rules Approval Order 1987 and shall come into operation on 1st October 1987.

2.  The Insurance Brokers Registration Council (Indemnity Insurance and Grants Scheme) Rules 1987 made by the Insurance Brokers Registration Council in exercise of their powers under section 12 of the Insurance Brokers (Registration) Act 1977 as amended by section 138(3) of the Financial Services Act 1986 are hereby approved as set out in the Schedule to this Order.

3.  The Insurance Brokers Registration Council (Indemnity Insurance and Grants Scheme) Rules Approval Order 1979(1) is hereby revoked except in relation to–

(a) proceedings before the Disciplinary Committee set up under section 14 of the Insurance Brokers (Registration) Act 1977 in respect of a contravention of, or a failure to comply with, the Rules set out in the schedule to that Order occurring before 1st October 1987;

(b) any application made under part III of those Rules before 1st October 1987;

(c) the requirement imposed by Rule 3(1) of those Rules for practising insurance brokers and enrolled bodies corporate to maintain a policy or policies (as defined in that Rule) in respect of each business which they carry on until any policy taken out by such insurance brokers or bodies corporate pursuant to that Rule and in force immediately before 1st October 1987 falls to be renewed or replaced by a new policy or policies.

Francis Maude

Parliamentary Under-Secretary of State,

Department of Trade and Industry

20th August 1987