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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

This Order extends to the Channel Islands provisions of the Friendly Societies Act 1992 which amended the Industrial Assurance Act 1923. The Order is made to enable transitional savings of the Industrial Assurance Acts to apply in similar fashion in the Channel Islands as in the United Kingdom, when section 416 of the Financial Services and Markets Act 2000 comes into force on 1st December 2001. Section 416 of the 2000 Act repeals, amongst other things, the Industrial Assurance Acts. The transitional savings (which will be contained in a separate Order) ensure that policyholders who entered into policies before the repeal of the Industrial Assurance Acts retain the benefit of the special protections that such policies attracted.