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The Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001
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- UK Statutory Instruments
- 2001 No. 3647
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order makes transitional savings and consequential amendments pursuant to the repeal of the Industrial Assurance Act 1923, the Industrial Assurance and Friendly Societies Act 1948, and the revocation of the Industrial Assurance (Northern Ireland) Order 1978 (collectively referred to as ‘the industrial assurance legislation’) by section 416 of the Financial Services and Markets Act 2000.
Article 3 and Schedule 1 saves those provisions of the industrial assurance legislation which are necessary to preserve the rights of policyholders in relation to existing policies of industrial assurance. The Order modifies a number of those saved provisions to permit, subject to the consent of the policyholder, the collection of premiums in respect of industrial assurance policies by methods other than that which is currently required by the industrial assurance legislation. Modifications of saved provisions also permit the recording of premiums paid by receipts or by annual statements, rather than recording those payments in premium receipt books.
Schedule 2 contains a number of transitional provisions.
Schedule 3 makes consequential amendments to references to industrial assurance legislation in other Acts and statutory instruments.
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