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Industrial Assurance (Northern Ireland) Order 1979

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Transfers from one society or company to anotherN.I.

32.[F1(1) A person assured with an industrial assurance company shall not, without his written consent or, in the case of a person under the age of 18, without the written consent of his parent or other guardian, be transferred from the company to another company or to a collecting society except under an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000.]

(2) A consent under paragraph (1) shall be in the prescribed form and shall have annexed to it a document in the prescribed form (to be furnished by the collecting society or industrial assurance company to which the transfer is to be made) setting out—

(a)the terms of, and rights under, the existing policy;

(b)the terms of, and rights under, the policy to which the assured will become entitled on transfer;

(c)the consideration (if any) which has been or is to be paid for the transfer; and

(d)the person to whom such consideration has been or will be paid.

[F1(2A) For the purposes of paragraph (2) “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.]

(3) The collecting society or industrial assurance company to which the assured is sought to be transferred shall furnish to the person by whom such consent as aforesaid is signed a copy of the consent and of the document annexed thereto, and shall, within seven days from the date when the consent is signed, give to the society or company from which the assured is sought to be transferred notice of the proposed transfer containing full particulars of the name and address of the assured and the number of his policy, together with the consent and the document annexed to it.

(4) As from the date of the notice mentioned in paragraph (3), theF1. . . industrial assurance company from which the person is sought to be transferred shall cease to be under any liability with respect to the policy in question and shall not be required to serve any notice of forfeiture of the policy in accordance with Article 29[F1 as it has effect by virtue of the Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001].

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F1SI 2001/3647

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