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The Financial Services and Markets Act 2000 (Meaning of Policy and Policyholder) Order 2001

S.I. 2001/2361 · Made 2 July 2001

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

FINANCIAL SERVICES AND MARKETS

Made 2nd July 2001

Laid before Parliament 2nd July 2001

Coming into force in accordance with article 1

The Treasury, in exercise of the powers conferred upon them by sections 424(2) and 428(3) of the Financial Services and Markets Act 2000 (“the Act”)f1, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

2000 c. 8.

Contents

  1. 1Citation, commencement and interpretation
  2. 2Meaning of “policy”
  3. 3Meaning of “policyholder”
  4. Signature
  5. Explanatory note

1Citation, commencement and interpretation

(1)

This Order may be cited as the Financial Services and Markets Act 2000 (Meaning of “Policy” and “Policyholder”) Order 2001 and comes into force on the day on which section 19 of the Act comes into force.

(2)

In this Order, “contract of insurance” has the meaning given by article 3 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001f1.

2Meaning of “policy”

For the purposes of section 424(2) of the Act, “policy” means, as the context requires,

(a)

a contract of insurance, including one under which an existing liability has already accrued, or

(b)

any instrument evidencing such a contract.

3Meaning of “policyholder”

For the purposes of section 424(2) of the Act, “policyholder” means the person who for the time being is the legal holder of the policy, and includes any person to whom, under the policy, a sum is due, a periodic payment is payable or any other benefit is to be provided or to whom such a sum, payment or benefit is contingently due, payable or to be provided.

Signature

Nick Ainger

Graham Stringer

Two of the Lords Commissioners of Her Majesty’s Treasury

2nd July 2001

Explanatory note

(This note is not part of the Order)

This Order specifies, for the purposes of the Financial Services and Markets Act 2000, the meanings of “policy” and “policyholder”. These expressions therefore have these meanings wherever they are used in that Act.