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Policyholders Protection Act 1997

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This is the original version (as it was originally enacted).

Intermediaries

12Payment of levies by instalments

(1)In Schedule 2 to the 1975 Act (levies on intermediaries), in paragraph 6 (liability following notification of levy), in sub-paragraph (1), for “pay to the Board within one month of the date of the notice” there shall be substituted “be liable to pay to the Board in accordance with sub-paragraph (1A) below”, and after that sub-paragraph there shall be inserted—

(1A)The amount which an intermediary is liable to pay under sub-paragraph (1) above shall be payable—

(a)on such date, or

(b)in such instalments on such dates,

as the Board may require by notice given to the intermediary.

(1B)The power conferred by sub-paragraph (1A) above may not be exercised so as to require any payment to be made earlier than one month after the date of the notice under paragraph 5 above.

(2)In that Schedule, in paragraph 7 (service of notices), for “or 5” there shall be substituted “, 5 or 6”.

13Right to reimbursement by the Board

After section 23 of the 1975 Act there shall be inserted—

23AReimbursement by Board of payments by intermediaries

(1)If—

(a)a payment is treated because of section 14(1) above as reducing a sum payable in accordance with section 6 or 8 above,

(b)the payment is made with the consent of the holder of the policy or security under which the liability to which the payment is referable arises, and

(c)at the time of the payment, that policy or security is one in relation to which the person by whom the payment is made (“the payer”) is the holder’s intermediary,

it shall be the duty of the Board to secure that a sum equal to the full amount of the reduction is paid to the payer as soon as reasonably practicable after the beginning of the liquidation to which the Board’s liability under that section was attributable.

(2)The Board may secure the payment of any sum payable under subsection (1) above by either or both of the following methods, that is to say—

(a)by themselves making payments in respect of the sum in question; or

(b)by securing by any measures appearing to them to be appropriate that such payments are made by any other person.

(3)Section 13(3) above shall apply in relation to subsection (1) above as it applies in relation to any provision of sections 6 to 11 above.

(4)For the purposes of this section, a person is another’s intermediary in relation to a policy or security at any time when he is engaged by the other to assist in its administration and performance.

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