The Deregulation (Friendly Societies Act 1992) Order 1996

Explanatory Note

(This note is not part of the Order)

This Order amends the Friendly Societies Act 1992 (“the Act”).

Article 3 of this Order amends section 7 of the Act to allow groups set up under that provision (or “branches”) of incorporated friendly societies to carry out social and benevolent activities on their own account.

Article 4 amends section 46 of the Act so as to abolish the requirement that any friendly society which carries out an annual valuation of its life assurance business must also draw up a statement of that business once every 5 years.

Article 5 amends section 93 of the Act so as to reduce the number of copies of altered rules which a society must send to the central office of the Registry of Friendly Societies from four to three.

Article 6 amends section 103 of the Act so that the Friendly Societies Commission may, by direction, disapply or modify some or all of the requirements, including actuarial, solvency and accounting requirements, in regulations made under Part V and VI of the Act. The Commission must maintain a register containing directions, and variations and revocations thereto, and that register will be available for public inspection. Also a copy of a direction, or revocation or alteration thereto, will be in the public file of the society to which it relates.

Article 7 amends paragraph 9(2) of Schedule 3 to the Act so as to remove the requirement for incorporated friendly societies which are collecting societies to have the words ‘collecting society limited’ at the end of their name.

Article 8 amends paragraph 5(1) of Schedule 15 to the Act so as to allow the Friendly Societies Commission to modify, by direction, the manner prescribed in regulations in which an application for confirmation by the Commission of an amalgamation, transfer of engagements or conversion is made. The Commission must maintain a register containing directions, and variations and revocations thereto, and that register will be available for public inspection. Also a copy of a direction, or revocation or alteration thereto, will be in the public file of the society to which it relates.