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Insurance Act, 2000

Chapter 3

Miscellaneous Revocations

Revocation and transitional provisions: Life Regulations of 1994.

14.—(1) Subject to subsection (2), sub-articles (1) and (2) of Article 45 of, and Annex III to, the Life Regulations of 1994 are hereby revoked.

(2) Notwithstanding subsection (1)—

(a) where a proposal is made by a client to an insurance undertaking (within the meaning of the Life Regulations of 1994) and the policy of insurance has not issued before the commencement of Part IIIA of the Act of 1989, sub-articles (1) and (2) of Article 45 of, and paragraphs 1 to 16 of Annex III to, the Life Regulations of 1994, shall continue to apply to the proposal, and

(b) where a policy of insurance has issued before the commencement of the said Part IIIA, the said sub-articles (1) and (2) of Article 45 and paragraphs 17 to 22 of the said Annex III shall continue to apply to the policy