Schedule 1, Part II (paras. 19-29)
19. Paragraphs 20 to 29 apply even though the 1948 Act is repealed on commencement.
20. Section 8 of the 1948 Act (premium receipt books) has effect after commencement in relation to an existing policy with the following modifications -
(a) in subsection (1) -
(i) before "A collecting society" insert "Subject to subsection (3) and section 8A,", and
(ii) omit the words "issued by the society or company";
(b) for subsection (2) [Subsection (2) was amended by the Friendly Societies Act 1992, section 100, Schedule 19, paragraph 13.] substitute -
"(2) A premium receipt book provided in accordance with subsection (1) must be in such a form and used in such a manner (including the manner of recording of receipts) as may be prescribed, and for this purpose "prescribed" means prescribed by -
(a) rules made by the Financial Services Authority under section 138 of the Financial Services and Markets Act 2000; or
(b) any provision having effect as such a rule as a result of the Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Rules) Order 2001 [S.I. 2001/1534.].";and