1
The 1975 Act shall be amended as follows.
Policyholders Protection Act 1997 (repealed) SCHEDULE 2 — Section 2: consequential amendments
2
(1) Section 6 shall be amended as follows. (2) In subsection (6), for “subsection (8)” there shall be substituted “ subsections (8) and (8A) ” . (3) In subsection (8)— (a) in paragraph (a), for “was a United Kingdom policy at the beginning of the liquidation” there shall be substituted “ is a qualifying policy ” , and (b) in paragraph (b), for “United Kingdom policy at the beginning of the liquidation” there shall be substituted “ qualifying policy ” . (4) After that subsection there shall be inserted— (8A) The duty of the Board under subsection (6) above shall not apply unless the liability is in respect of a protected risk. (5) In subsection (9)— (a) for “were United Kingdom policies at any time” there shall be substituted “ are qualifying policies ” , and (b) in paragraph (a), for “United Kingdom policies at the time in question” there shall be substituted “ qualifying policies ” .
3
(1) Section 8 shall be amended as follows. (2) In subsection (2)— (a) after “14” there shall be inserted “ and subsection (2A) ” , and (b) for the words “was a United Kingdom policy at the beginning of the liquidation” there shall be substituted “ is a qualifying policy ” . (3) After that subsection there shall be inserted— (2A) The duty of the Board under subsection (2) above shall not apply unless the liability is in respect of a protected risk.
4
(1) Section 9 shall be amended as follows. (2) In subsection (1), for “was a United Kingdom policy at the beginning of the liquidation” there shall be substituted “ is a qualifying policy ” . (3) In subsection (2), for “was a United Kingdom policy at the beginning of the first-mentioned company’s liquidation” there shall be substituted “ is a qualifying policy ” .
5
(1) Section 10 shall be amended as follows. (2) In subsection (2)— (a) after “14” there shall be inserted “ and subsection (2A) ” , and (b) for “was a United Kingdom policy at the beginning of the liquidation” there shall be substituted “ is a qualifying policy ” . (3) After that subsection there shall be inserted— (2A) The duty of the Board under subsection (2) above shall not apply unless the liability is in respect of a protected commitment.
6
(1) Section 11 shall be amended as follows. (2) In subsection (3)— (a) after “14” there shall be inserted “ and subsection (3A) ” , and (b) for “was a United Kingdom policy at the beginning of the liquidation” there shall be substituted “ is a qualifying policy ” . (3) After that subsection there shall be inserted— (3A) The duty of the Board under subsection (3) above shall not apply in relation to a commitment which is not a protected commitment.
7
(1) Section 12 shall be amended as follows. (2) In subsection (1)— (a) at the beginning there shall be inserted “ Subject to subsection (1A) below, ” , and (b) for “was a United Kingdom policy at the beginning of the liquidation” there shall be substituted “ is a qualifying policy ” . (3) After that subsection there shall be inserted— (1A) The duty of the Board under subsection (1) above shall not apply if the policy does not relate to a protected commitment.
8
(1) Section 15 shall be amended as follows. (2) In subsection (2), for paragraphs (a) and (b) there shall be substituted if he is a policyholder in respect of a general policy or a long term policy of a company in liquidation or provisional liquidation which— (a) is a qualifying policy, and (b) relates to the insurance of a protected risk or commitment. (3) In subsection (3), after “may” there shall be inserted “ , in relation to the insurance of a protected risk or commitment ” .
9
(1) Section 16 shall be amended as follows. (2) In subsection (2), after “arising” there shall be inserted “ in relation to matters by virtue of which they are such persons ” . (3) In subsection (9), for “was a United Kingdom policy at the relevant time” there shall be substituted “ is a qualifying policy and insures a protected risk or commitment ” . (4) In subsection (9A), for “United Kingdom policy at the relevant time” there shall be substituted “ qualifying policy ” .
10
(1) Section 17 shall be amended as follows. (2) In subsection (4)— (a) at the beginning there shall be inserted “ Subject to subsection (4A) below, ” , and (b) for “was a United Kingdom policy at the relevant time as defined by section 16(6) above” there shall be substituted “ is a qualifying policy ” . (3) After that subsection there shall be inserted— (4A) The duty of the Board under subsection (4) above shall not apply if the policy does not relate to a protected commitment.
11
In section 32(1), after the definition of the expression “long term policy” there shall be inserted— “ protected commitment ” and “ protected risk ” have the meanings given by section 4(3) above; “ qualifying policy ” has the meaning given by section 4(2) above;
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