Industrial assurance businessN.I.
3.—(1) Save as otherwise provided by this Order and without prejudice to paragraph 1(3) of Schedule 9 (certain endowments and other insurances), this Order applies to industrial assurance business,F1. . .
[F1(1A) For the purposes of this Order, “industrial assurance business” means any which business which—
(a)when carried on before 1st December 2001, consisted of effecting assurances upon human life (other than exempted business), the premiums in respect of which—
(i)were received by means of collectors, and
(ii)were payable at intervals of less than two months; and
(b)when carried on on or after that day, consists of the carrying out of such assurances, the premiums in respect of which—
(i)either continue to be received by means of collectors, or are received by other means pursuant to an agreement made in accordance with Article 3A, and
(ii)either continue to be payable at intervals of less than two months, or are payable at intervals or two months or more pursuant to an agreement made accordance with Article 3A]
Paras. (2)‐(4) rep. by SI 2001/3647
F1SI 2001/3647