Article 2 Interpretation

In this Order—

• “the Act” means the Financial Services and Markets Act 2000;

• “the 1923 Act” means the Industrial Assurance Act 1923^f1;

• “the 1948 Act” means the Industrial Assurance and Friendly Societies Act 1948^f2;

• “commencement” means the beginning of 1st December 2001;

• “existing policy” means—

  1. (a)

     a policy effected before commencement in the course of industrial assurance business under which there is an existing liability already accrued or a liability may accrue, or

  2. (b)

     a policy effected after commencement pursuant to a proposal form completed before commencement for a policy of assurance to which the Industrial Assurance Acts or the Northern Ireland Order would, but for their repeal, have applied;

• “the Industrial Assurance Acts” means the 1923 Act and the 1948 Act;

• “industrial assurance business” means business which, immediately before commencement, fell within section 1(2) of the 1923 Act and which consists, after commencement, of carrying out existing policies;

• “the Northern Ireland Order” means the Industrial Assurance (Northern Ireland) Order 1979^f3; and

• “policyholder” has the meaning given in article 3 of the Financial Services and Markets Act 2000 (Meaning of “Policy” and “Policyholder”) Order 2001^f4.