sch.1-sec.66Existing policies of insurance

### sch.1-sec.66 Existing policies of insurance A policy of insurance that came into force under former part 5 continues in force on the terms stated in the board’s policies for that purpose. Despite the replacement of part 5 by the Amendment Act, former part 5 continues to apply to a contract for residential construction work if the contract was entered into before the replacement day. To remove any doubt, it is declared that subsection (2)— applies to a contract even if an insurance premium is paid in relation to the contract on or after the replacement day; and does not prevent the consumer for the contract from obtaining optional additional cover under section 67Z. The board’s policies that are relevant for this section continue for that purpose despite the replacement of part 5 by the Amendment Act or the repeal of the policies under schedule 1, section 67. In this section— board’s policies means the policies of the board made for the purposes of section 19 and relating to the statutory insurance scheme. replacement day means the day former part 5 was replaced under the Amendment Act. sch 1 s 66 ins 2014 No. 57 s 59 (sch.1-sec.66-ssec.1) A policy of insurance that came into force under former part 5 continues in force on the terms stated in the board’s policies for that purpose. (sch.1-sec.66-ssec.2) Despite the replacement of part 5 by the Amendment Act, former part 5 continues to apply to a contract for residential construction work if the contract was entered into before the replacement day. (sch.1-sec.66-ssec.3) To remove any doubt, it is declared that subsection (2)— applies to a contract even if an insurance premium is paid in relation to the contract on or after the replacement day; and does not prevent the consumer for the contract from obtaining optional additional cover under section 67Z. (sch.1-sec.66-ssec.4) The board’s policies that are relevant for this section continue for that purpose despite the replacement of part 5 by the Amendment Act or the repeal of the policies under schedule 1, section 67. (sch.1-sec.66-ssec.5) In this section— board’s policies means the policies of the board made for the purposes of section 19 and relating to the statutory insurance scheme. replacement day means the day former part 5 was replaced under the Amendment Act. - (a) applies to a contract even if an insurance premium is paid in relation to the contract on or after the replacement day; and - (b) does not prevent the consumer for the contract from obtaining optional additional cover under section 67Z.