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2.—(1) The Industrial Assurance Act 1923 (as that Act has effect, notwithstanding its repeal(1), by virtue of the Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001(2)) is amended as follows.
(3) In section 5 (prohibition on issue of illegal policies), in subsection (1)(3) for “entitled” (in the second place it occurs) substitute “liable”.
The Industrial Assurance Act 1923 was repealed by section 416(1)(a) of the Financial Services and Markets Act 2000 (c. 8) as from 1st December 2001.
S.I. 2001/3647, article 3(3), Schedule 1, Part I, paragraphs 1 to 18.
Section 5(1) as it has effect from 1st December 2001, was substituted by S.I. 2001/3647, Schedule 1, Part I, paragraph 4.
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