In this Order -

"the Act" means the Financial Services and Markets Act 2000;

"the 1923 Act" means the Industrial Assurance Act 1923 [1923 c. 8.];

"the 1948 Act" means the Industrial Assurance and Friendly Societies Act 1948 [1948 c. 39.];

"commencement" means the beginning of 1st December 2001;

"existing policy" means - (a) a policy effected before commencement in the course of industrial assurance business under which there is an existing liability already accrued or a liability may accrue, or (b) a policy effected after commencement pursuant to a proposal form completed before commencement for a policy of assurance to which the Industrial Assurance Acts or the Northern Ireland Order would, but for their repeal, have applied;

"the Industrial Assurance Acts" means the 1923 Act and the 1948 Act;