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The Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001

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6.  Section 20 of the 1923 Act (provisions as to proposals for policies) has effect after commencement in relation to an existing policy with the following modifications—

(a)omit subsections (1) and (2);

(b)for subsection (3) substitute—

“(3) If an industrial assurance policy was issued pursuant to a proposal which contained a statement that the person whose life was proposed to be assured was not at the time of making that proposal a person on whose life another policy had been issued by the relevant insurer that accepted the proposal, that policy is valid, notwithstanding that the statement was not true, and that the truth of the statement was made a condition of the policy.”; and

(c)in subsection (4)—

(i)for “is filled in” substitute “was filled in”,

(ii)for “a person employed by the society or company” substitute “a person employed by the relevant insurer”,

(iii)for “the society or company shall not” substitute “a collecting society or industrial assurance company which receives, or is entitled to receive, premiums under that policy shall not”, and

(iv)for “has been made” substitute “had been made”.

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