86.Subsection (1) gives effect to Schedule 2 which replaces references to the 1930 Acts in other legislation with references to the Act.
87.Subsection (2) gives effect to Schedule 3 which sets out the provisions governing the transition from the 1930 Acts to the Act. They provide that if the insured incurs liability to the third party after the commencement day, or if the insured becomes a relevant person after the commencement day, then the Act will apply to the claim. If both of these occur before commencement day, the 1930 Acts will continue to apply. In the case of a transfer caused by the death of an insolvent insured, the 1930 Acts will apply to cases where the insured died before the commencement day, but otherwise the Act will apply. The “commencement day” is the day the Act is brought into force.