OpenLegislation

Insurance Companies Amendment Act 1973

1973 c. 58 · Enacted 25 July 1973 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 1 December 2001.

F1 An Act to amend the law relating to insurance companies and the carrying on of insurance business; and to validate certain group policies.

[25th July 1973]C1C2

Annotations to the whole text

Textual amendments

F1

Act, except ss. 50, 51, 54(1), 56, 57(1), Sch. 1 paras. 15-17, Schs. 3-5, repealed (E.W.S) by Insurance Companies Act 1974 (c. 49), Sch. 2; Act except ss. 50 and 57(1), repealed (N.I) by S.I. 1976/59 (N.I. 3), art. 95(2), Sch. 2

Modifications

C1

Act, except ss. 50, 51, 54(1), 56, 57(1), Sch. 1 paras. 15–17, Schs. 3–5, repealed (E.W.S.) by Insurance Companies Act 1974 (c. 49), Sch. 2

C2

Act, except ss. 50 and 57(1), repealed (N.I.) by S.I. 1976/59 (N.I. 3), art. 95(2), Sch. 2

Contents

  1. 1—35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2. Miscellaneous
  3. 36—49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. 50Validation of certain group policies.
  5. 51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  6. Supplementary
  7. 52—53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  8. 54Minor and consequential amendments and repeals. Repealed
  9. 55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  10. 56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  11. 57Short title, citation and commencement.
  12. Schedule 1: Minor and Consequential Amendments
  13. 1—14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  14. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  15. 16Paragraph 16
  16. 17Paragraph 17
  17. Schedule 2Schedule 2
  18. Schedule S 3—5Schedule S 3—5

1—35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

36—49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

50Validation of certain group policies.

(1)

Section 2 of the M1Life Assurance Act 1774 (policy on life or lives or other event or events not valid unless name or names of assured etc. inserted when policy is made) shall not invalidate a policy for the benefit of unnamed persons from time to time falling within a specified class or description if the class or description is stated in the policy with sufficient particularity to make it possible to establish the identity of all persons who at any given time are entitled to benefit under the policy.

(2)

This section applies to policies effected before the passing of this Act as well as to policies effected thereafter.

51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1F2 E+W+S

52—53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

54Minor and consequential amendments and repeals.F1 E+W+S

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

57Short title, citation and commencement.

(1)

This Act may be cited as the Insurance Companies Amendment Act 1973.

2)–(8)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

1—14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

16C1F1

In section 111(1) of the Act of 1967—

(a)

after the words “the Protection of Depositors Act 1963” where they first occur there shall be inserted the words “or section 20(2) to (4) of the Insurance Companies Amendment Act 1973”;

(b)

in paragraphs (a) and (c) after the words “this Act” there shall be inserted the words “or the Insurance Companies Amendment Act 1973”;

(c)

in paragraph (c) for the words “consider whether or not they should exercise with respect to the body” there shall be substituted the word “exercise”.

17C1F1

In section 116 of the Act of 1967—

(a)

in subsection (1) after the words “of this Act” there shall be inserted the words “or any requirements imposed under section 20(2) to (4) of the Insurance Companies Amendment Act 1973”;

(b)

in subsection (2) at the end there shall be added the words “or section 20(2) to (4) of the Insurance Companies Amendment Act 1973”.

Schedule 2F1

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Schedule S 3—5F1

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