Clause 11

by deleting the word “A” in subsection (1) and substituting the words “Subject to subsection (3), a”; and

by inserting, immediately after subsection (2), the following subsections:“(3) Where a society is the insurer of any relevant policy, and a member of the society is the policy owner of that relevant policy, the member shall not be entitled, on or after the date of commencement of section 11 of the Insurance (Amendment) Act 2008, to nominate under subsection (1) any person to whom on the death of the member the society may transfer the member’s share or interest in any policy moneys under that relevant policy.(4) In this section —“policy owner” and “policy moneys” have the same meanings as in the First Schedule to the Insurance Act (Cap. 142);“relevant policy” has the same meaning as in section 49K of the Insurance Act.”.