Section 17A Policies given emergency protection.F1

Where, in relation to any policy of assurance which has been protected under the M1Industrial Assurance and Friendly Societies (Emergency Protection from Forfeiture) Act 1940, the amount of a free paid-up policy or of a surrender value is required to be ascertained, the provisions of the policy, or of any guarantee given in relation thereto, or of the Industrial Assurance Acts 1923 and 1929, relating to free paid-up policies and surrender values shall have effect subject to such modifications as appear to the F2Commission to be necessary having regard to the failure to pay premiums during the period of protection and the variation of the terms of the policy under section 3 of the said Act.

In relation to a policy of assurance effected with a registered society other than a collecting society, the reference in subsection (1) above to the Industrial Assurance Commissioner is a reference to him in his capacity as Chief Registrar of Friendly Societies.]

Section 24(1) of this Act, so far as relating to the Isle of Man and the Channel Islands, shall not apply to subsections (1) and (2) above, but those subsections shall extend to any place to which the repeal of the said Act of 1940 by the M2Statute Law (Repeals) Act 1974 is extended by Order in Council under section 3(2) of that Act.