# Financial Services Act 1986 (repealed), Section 139: Industrial assurance.

Extent: E+W+S+N.I.

(1) In section 5 of the Industrial Assurance Act 1923 (prohibition on issue of illegal policies) the references to policies which are illegal or not within the legal powers of a society or company shall not be construed as applying to any policy issued—
(a) in the course of carrying on investment business in contravention of section 3 above; or
(b) in the course of carrying on insurance business in contravention of section 2 of the Insurance Companies Act 1982.
(2) In section 20(4) of the said Act of 1923 the reference to a person employed by a collecting society or industrial assurance company and in section 34 of that Act the references to a person in the regular employment of such a society or company shall include references to an appointed representative of such a society or company but as respects section 34 only if the contract in question is an investment agreement.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) The foregoing provisions of this secdtion shall apply to Northern Ireland with the substitution for the references to sections 5, 20(4), 32 and 34 of the said Act of 1923 . . . of references to Articles 20, 27(2), 36 and 38 of the Industrial Assurance (Northern Ireland) Order 1979 . . . and for the references to the Industrial Assurance Commissioner of references to the Industrial Assurance Commissioner for Northern Ireland.

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Source: https://www.legislation.gov.uk/ukpga/1986/60/section/139 (the official version)
Page: https://openlegislation.uk/financial-services-act-1986-repealed/section-139
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.