§
Amendment No. 284 made: In page 90, line 16, leave out from first 'and' to 'may' in line 17 and insert:
'Part II of this Act, Schedule (Amendments of Insurance Companies Act 1958 consequential on sections 59 and 70(1) of this Act) to this Act and Part I of Schedule 5 thereto'.—[Mr. Darling.]
| Provision amended and Subject-matter thereof | Amendment |
| there shall be substituted the words 'business of either or both of the following classes, namely, ordinary long-term insurance business and industrial assurance business', for the definition of 'policy', there shall be substituted the following definition:— 'policy— | |
| (a) in relation to ordinary long-term insurance business and industrial assurance business, includes an instrument evidencing a contract to pay an annuity upon human life; | |
| (b) in relation to insurance business of any other class (except capital redemption business) includes any policy under which there is for the time being an existing liability already accrued or under which a liability may accrue; and | |
| (c) in relation to capital redemption business, includes any policy, bond, certificate, receipt or other instrument evidencing the contract with the company', and, in the definition of 'policy holder', for the words 'bond investment business' there shall be substituted the words' capital redemption business', immediately before the word 'bond', where secondly occurring, there shall be inserted the word' 'policy', and for paragraphs (a) to (c) there shall be substituted the following paragraphs:— | |
| '(a) in relation to such ordinary long-term insurance business or industrial assurance business as consists in the granting of annuities upon human life, includes an annuitant; and | |
| (b) in relation to insurance business of any kind other than such as is mentioned in the foregoing paragraph or capital redemption business, includes a person to whom, under a policy, a sum is due or a periodic payment is payable'. —[Mr Darling.] |
§ Brought up, read the First and Second time, and added to the Bill.