Application of amendments to existing insurance policies and claims and proceedings
103 Application of amendments to existing insurance policies and claims and proceedings
Subject to the regulations, the amendments made by the amending Act extend to any—
contract of insurance entered into before the commencement of the amendments (despite any provision of the contract) (an existing contract), and
proceedings on a claim under an existing contract commenced but not finally determined before the commencement of the amendments.
Any payment purporting to be made under Part 6 of this Act to a non-contracting owner under an existing contract or to a beneficiary under an indemnity provided under section 103I(1) before the commencement of the amendments made by the amending Act is taken to have been validly made if it could validly have been made if those amendments were then in force.
This clause applies only to contracts of insurance entered into on or after 1 May 1997.
This provision refers to the regulations (the regulations
). Made under this Act:
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