(1) Section 2 of the Life Assurance Act, 1774, as applied by the Life Insurance (Ireland) Act, 1866, shall not invalidate a policy of insurance 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 shall apply to all policies effected whether before or after the commencement of this section.