§ '(1) In section 5 of the Industrial Assurance Act 1923 (prohibition on issue of illegal policies) the references to policies which are illegal or not within the legal powers of a society or company shall not be construed as applying to any policy issued—
- (a) in the course of carrying on investment business in contravention of section 3 above; or
- (b) in the course of carrying on insurance business in contravention of section 2 of the Insurance Companies Act 1982.
§ (2) In section 20(4) of the said Act of 1923 the reference to a person employed by a collecting society or industrial assurance company and in section 34 of that Act the references to a person in the regular employment of such a society or company shall include references to an appointed representative of such a society or company but as respects secton 34 only if the contract in question is an investment agreement.
§ (3) No dispute to which rules made by virtue of section 45(2) (j) above (or corresponding rules made by a recognised self-regulating organisation) apply shall be referred to the Industrial Assurance Commissioner under section 32 of the said Act of 1923 but where those rules relate only to part of the matters in dispute—
- (a) this subsection shall not preclude the reference to the Commissioner of the matters to which the rules do not relate; and
- (b) the Commissioner may, if he thinks fit, delegate his functions in respect of those matters so as to enable all the matters in dispute to be determined in accordance with the rules.
§ (4) The foregoing provisions of this section shall apply to Northern Ireland with the substitution for the references to sections 5, 20(4), 32 and 34 of the said Act of 1923 of references to Articles 20, 27(2), 36 and 38 of the Industrial Assurance (Northern Ireland) Order 1979 and for the references to the Industrail Assurance Commissioner of references to the Industrial Assurance Commissioner for Northern Ireland.'.—[Mr. Butcher.]441
§ Brought up, read the First and Second time, and added to the Bill.442
§ Further consideration adjourned.—[Mr. Lennox-Boyd.]
§ To be further considered tomorrow.