Regulatory Alerts2008-01-01
Insurance Act 2008 (Appointed Day) (No. 2) Order 2008
The Insurance and Pensions Authority issued this Order to bring the majority of the Insurance Act 2008 into operation on 1 December 2008. The Order specifies that certain provisions, including sections 25, 42, 56, and 57, along with related schedules, do not come into full effect or are excluded from repeal. It also establishes saving and transitional provisions to ensure continuity with previous legislation and existing regulations during the transition.
Statutory Document No. 922108 INSURANCE ACT 2OO8 INSURANCE ACT 2OO8 (APPOINTED DAY) (NO. 2) ORDER 2oo8 Løidbeþre Tynwøld 1'6th December 2008 The Insurance and Pensions Authority makes this Order under section 59 of the Insurance Act 20081. Title The title of this Order is the Insurance Act 2008 (Appointed Day) (No' 2) Order 2008. Interpretation In this Order, "the Act" means the Insurance Act 2008' Commencement of Provisions Subject to articles 4 to 6, the Act comes into operation on l- December 2008. Provisions alreadY commenced section 58 of and schedule L0 to the Act (saving and transitional provisions) came into operation on 3l- Octobet 20082' Provisions not commencing in full (1) unless regulations made under section 50 of the Act prescribe the form of policy of professional indemnity insurance which an applicant for registration under Part 6 of the Act is required to efrect, section 25(3XdXÐ of the Act does not have effect where an application is made for registration as an insurance mana8er. t 2oo8 c.16 's¡ gzolog Price 65 pence 1 2 3 4 5 1
(2) Section 42(1) and (2) oÍ and schedule 4 to the Act (continuation and discontinuation) do not come into operation. (3) Paragraphs 20 and 21. oÍ schedule 8 to the Act (and section 56 of the Act insofar as it relates to those provisions) (amendments) do not come into oPeration. (4) The following provisions are not repealedsection 25A oÍ and Schedule 3A to the Insurance Act 1986s (continuation and discontinuation); and (a) 6 (b) the Insurance (Amendment) Actl'9954, and section'T of and Schedule 9 to the Act (repeals) do not have effect insofar as they relate to those provisions. Saving and transitional provisions (1) Unless section 25A of and Schedule 3A to the Insurance Act 1986 are repealed, those provisions have effect from 1 December 2008, with the necessafy modifications, as if they were provisions of the Act. (2) Unless regulations made under section 43 of the Act provide otherwise, the provisions of the Life Assurance (Compensation of Policyholders) Regulations 199Is, as amended in accordance with paragraphs L3 to L5 of schedule 8 to the Act, operate and have effect as if made by the Insurance and Pensions Authority under section 43 oI the Act on the day that section comes into operation. (3) Unless the repeal of the Insurance Act' 1'986 has effect for all purposes, in paragraph a(a) of Schedule 1 of the Act (functions of the Authority) for "this Act and the Retirement Benefits schemes Act 2000" substitute "this Act, the Insurance Act 1986 and the Retirement Benefits Schemes Act 2000"' ' 1986 c.24 o lg95 c.6 t cc +glgt 2
MADE 3.Ð" November 2008 Chairman, Insurance and Pensions Authority EXPTANATORYNOTE (This note is not pørt of the Ordsr) This Order brings into operation further provisions of the Insurance Act 2008 (with saving and transitional provisions) on l December 2008. Upon conunencement of the provisions in this Order, the whole of the Act will be in operation except for - ¡ section 25(3XdXÐ (in relation to certain matters); . section 42 (1) and (2) and Schedule 4; o sections 56 and 57 and Schedules 8 and 9 (for certain purposes).