Page 87 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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conferred on the Secretary of State.
The Financial Services Act was partially operative in 1987 and it
became fully operational in 1988.
The Financial Services Act provides a unified framework for the
regulation of all forms of investment business mainly as a
measure of investor protection.
Under the Insurance Companies Act, 1982 and the Financial
Services Act, 1986 the Jurisdiction of the Financial Services
Tribunal includes appeals against refusal to grant authorisation,
withdrawal of authorisation, loss of authorisation, exercise of
certain powers of intervention etc.
Insurance contracts in the US are contracts of adhesion,
aleatory contracts, contracts of indemnity, contracts affecting
public interest, personal contracts requiring utmost good
faith.
