Citation and commencement

1. This Order may be cited as the Insurance Brokers (Registration) Act 1977 (Amendment) Order 1999 and shall come into force on 8th November 1999.

Constitution of Council

2. Substitute for paragraph 1 of the Schedule to the Insurance Brokers (Registration) Act 1977 the following paragraph:-

"1. The Council shall consist of-

(a)six persons chosen to represent registered insurance brokers of whom one shall be Chairman of the Council;

(b)four persons nominated by the Treasury of whom one shall be a barrister, advocate or solicitor; and as regards two of the others, the Treasury, in making the nominations shall give due consideration that it would be desirable that one member of the Council should be a member of a recognised body of accountants and one a person appearing to the Treasury to represent the interests of persons who are or may become policyholders of insurance companies."

3. Substitute for paragraph 3 of the Schedule to the Insurance Brokers (Registration) Act 1977 the following paragraph:-

"3. The Treasury, where the Council has not caused there to be an election or elections to fill a vacancy or vacancies, may nominate as members to the Council to represent registered insurance brokers, after consultation with the Council, persons to fill the vacancies."

Explanatory Note

(This note is not part of the Order)

This Order reduces the number of members to represent registered insurance brokers on the Insurance Brokers Registration Council and provides for the nomination of four members of the Council by the Treasury.