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Policyholders Protection Act 1997

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This is the original version (as it was originally enacted).

Friendly societies

19Application of levy provisions

In section 21 of the 1975 Act, at the end there shall be inserted—

(10)Subject to subsections (11) and (12) below, this section and Schedule 3 to this Act apply to qualifying friendly societies carrying on general business or long term business in the United Kingdom as they apply to insurance companies authorised under section 3 or 4 of the [1982 c. 50.] Insurance Companies Act 1982 carrying on such business there.

(11)In the application of subsections (4), (7A) and (7B) above by virtue of subsection (10) above, contributions in respect of discretionary benefits shall be disregarded.

(12)No levy under subsection (1) or (2) above may be imposed on a friendly society for the purpose of financing any expenditure in pursuance of a function which arose before the day on which section 19 of the Policyholders Protection Act 1997 came into force.

20Consequential amendments

(1)Schedule 17 to the [1992 c. 40.] Friendly Societies Act 1992 (which prospectively amends the 1975 Act for the purpose of extending it to contracts of insurance with friendly societies) shall have effect subject to the amendments in Part I of Schedule 4 to this Act (which are consequential on the other provisions of this Act).

(2)The 1975 Act, in its application to contracts of insurance with friendly societies entered into before the day on which section 2 above comes into force, shall have effect subject to the amendments in Part II of Schedule 4 to this Act (which have the effect that eligibility for protection in relation to such contracts is determined without regard to the amendments made by section 2 above).

(3)In this section, “friendly society” has the same meaning as in the [1992 c. 40.] Friendly Societies Act 1992.

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