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Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 [SI 2002 No. 1555]Introductory TextArticle 1 Citation and commencementPrimary Legislation (arts. 2-31)The Industrial Assurance Act 1923 (c. 8) (art. 2)Article 2 Illegal policies: liability of insurerThe Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (c. 65) (arts. 3-4)Article 3 Contraventions of the 1951 ActArticle 4 Offences under the 1951 Act: application to Guernsey and JerseyThe Local Government Act 1972 (c. 70) (art. 5)Article 5 Meaning of "securities"The Welsh Development Agency Act 1975 (c. 70) (art. 6)Article 6 Disapplication of section 21 of the Financial Services and Markets Act 2000The Credit Unions Act 1979 (c. 34) (art. 7)Article 7 Repeal of unnecessary provisionsThe Competition Act 1980 (c. 21) (art. 8)Article 8 Restriction on disclosure of informationThe Licensing (Alcohol Education and Research) Act 1981 (c. 28) (art. 9)Article 9 Meaning of "securities"The Insurance Companies Act 1981 (c. 31) (art. 10)Article 10 Repeal of the 1981 ActThe Companies Act 1985 (c. 6) (arts. 11-12)Article 11 Insurance companies formed before 3rd November 1966 in contravention of section 434 of the Companies Act 1948Article 12 Meaning of "manager"The Insurance (Fees) Act 1985 (c. 46) (art. 13)Article 13 Repeal of the 1985 ActThe Insolvency Act 1986 (c. 45) (art. 14-16)Article 14 Limitation on power to make administration orderArticle 15 Supplementary powers of the court: winding up of an insolvent partnershipArticle 16 Power to apply first group of Parts to formerly authorised banksThe Social Security Administration Act 1992 (c. 5) (art. 17)Article 17 Definition of "insurer"The Social Security Administration (Northern Ireland) Act 1992 (c. 8) (art. 18)Article 18 Meaning of "qualifying lender"The Pension Schemes (Northern Ireland) Act 1993 (c. 49) (arts. 19-22)Article 19 Discharge of protected rights on winding up: insurance policiesArticle 20 Entitlement to guaranteed minimum pensions: treatment of entitlementsArticle 21 Determination of questions by the DepartmentArticle 22 Interpretation: Financial Services Compensation SchemeThe Coal Industry Act 1994 (c. 21) (art. 23)Article 23 Restriction on disclosure of informationThe Competition Act 1998 (c. 41) (art. 24)Article 24 Interpretation of section 55: relevant functions and designated personThe Data Protection Act 1998 (c. 29) (art. 25)Article 25 Exemption in connection with corporate finance servicesThe Regulation of Investigatory Powers Act 2000 (c. 23) (art. 26)Article 26 Repeal of unnecessary provisionThe Utilities Act 2000 (c. 27) (art. 27)Article 27 Restriction on disclosure of informationThe Insolvency Act 2000 (c. 39) (arts. 28-31)Article 28 Repeal of unnecessary provisionsArticle 29 Companies not eligible for a moratoriumArticle 30 Excepted petitionsArticle 31 Application of companies insolvency legislation to building societiesSecondary Legislation (arts. 32-48)The Personal Pension Schemes (Disclosure of Information) Regulations 1987 (S.I. 1987/1110) (art. 32)Article 32 Availability of information to scheme membersThe Personal Pension Schemes (Compensation) Regulations 1988 (S.I. 1988/2238) (art. 33)Article 33 Appropriate schemesThe Banks (Administration Proceedings) Order 1989 (S.I. 1989/1276) (art. 34)Article 34 Application of Part II of the Insolvency Act 1986 to former authorised institutionsThe Money Laundering Regulations 1993 (S.I. 1993/1933) (art. 35)Article 35 Record-keeping procedures: appointed representativesThe Insolvent Partnerships Order 1994 (S.I. 1994/2421) (art. 36)Article 36 Application of Part II of the Insolvency Act 1986 to partnerships which are former authorised institutionsThe Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 (S.I. 1996/2475) (art. 37)Article 37 Exclusions from jurisdiction of Pensions OmbudsmanThe Public Interest Disclosure (Prescribed Persons) Order 1999 (S. I. 1999/1549) (art. 38)Article 38 Prescribed personsThe Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979) (art. 39)Article 39 Designated systemsThe Stakeholder Pension Schemes Regulations 2000 (S.I. 2000/1403) (art. 40)Article 40 Meaning of "securities" and references to "insurers"The Regulation of Investigatory Powers (Prescription of Offices, Ranks and Positions) Order 2000 (S.I. 2000/2417) (art. 41)Article 41 Revocation of unnecessary provisionThe Regulation of Investigatory Powers (Authorisations Extending to Scotland) Order 2000 (S.I. 2000/2418) (art. 42)Article 42 Revocation of unnecessary provisionThe Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001 (S.I. 2001/192) (art. 43)Article 43 Revocation of references to persons no longer performing regulatory functionsThe Transport Act 2000 (Civil Aviation Authority Pension Scheme) Order 2001 (S.I. 2001/853) (art. 44)Article 44 Meaning of "investments"The Partnerships (Unrestricted Size) No 16 Regulations 2001 (S.I. 2001/1389) (art. 45)Article 45 Partnerships authorised to carry on investment businessThe Railway Administration Order Rules 2001 (S.I. 2001/3352) (art. 46)Article 46 Meaning of "authorised deposit taker" and "former authorised institution"The Terrorism (United Nations Measures) (Isle of Man) Order 2001 (S.I. 2001/3364) (art. 47)Article 47 Construction of the 2001 Order: "relevant institution"The Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001 (S.I. 2001/3647) (art. 48)Article 48 Offences under the Industrial Assurance Acts: application in relation to Guernsey and JerseyNorthern Ireland Legislation (arts. 49-60)The Industrial and Provident Societies Act (Northern Ireland) 1969 (c. 24 (N.I)) (art. 49)Article 49 Power of societies to disapply obligation to appoint auditorsThe Superannuation (Northern Ireland) Order 1972 (S.I 1972/1703 (N.I 10)) (arts. 50-52)Article 50 Authorised providers in relation to superannuation schemes for civil servants etc.Article 51 Authorised providers in relation to superannuation schemes for teachersArticle 52 Authorised providers in relation to superannuation schemes for persons engaged in health services etc.The Industrial Assurance (Northern Ireland) Order 1979 (S.I. 1979/1574 (N.I.13)) (art. 53)Article 53 Meaning of "relevant insurer"The Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I.12)) (arts. 54-56)Article 54 Definition of "authorised bank"Article 55 General prohibition on deposit takingArticle 56 Insurance against fraud or other dishonestyThe Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2045 (N.I. 19)) (arts. 57-59)Article 57 Limitation of power to make an administration orderArticle 58 Winding-up on petition of the Authority: partnershipsArticle 59 Power to apply Parts 2 to 7 to formerly authorised banksThe Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (art. 60)Article 60 Salary related occupational pension schemes: discharge of liability by insurance etc.Northern Ireland Statutory Rules (arts. 61-62)The Reserve and Auxiliary Forces (Protection of Industrial Assurance etc. Policies) Regulations (Northern Ireland) 1953 (S.R.&O. (N.I.) 1953 No. 43) (art. 61)Article 61 Reserve and auxiliary forces: protection of industrial assurance policies and policies with friendly societiesThe Banks (Administration Proceedings) Order (Northern Ireland) 1991 (S.R. (NI) 1991/295) (art. 62)Article 62 Application of Part III of the 1989 Order to former authorised institutionsSignatureExplanatory Note
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 3 July 2002 - onwards
Version 2 of 2

Article 2 Illegal policies: liability of insurer

(1) The Industrial Assurance Act 1923 (as that Act has effect, notwithstanding its repeal [The Industrial Assurance Act 1923 was repealed by section 416(1)(a) of the Financial Services and Markets Act 2000 (c. 8) as from 1st December 2001.], by virtue of the Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001 [S.I. 2001/3647, article 3(3), Schedule 1, Part I, paragraphs 1 to 18.]) is amended as follows.

(3) In section 5 (prohibition on issue of illegal policies), in subsection (1) [Section 5(1) as it has effect from 1st December 2001, was substituted by S.I. 2001/3647, Schedule 1, Part I, paragraph 4.] for "entitled" (in the second place it occurs) substitute "liable".

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