The Friendly Societies (Insurance Business) Regulations 1994

1. Introductory Text

2. PART I PRELIMINARY

   1. 1. Citation and commencement

   2. 2. Interpretation: general

3. PART II MARGINS OF SOLVENCY

   1. 3. Application: Part II

   2. 4. Required margin of solvency

   3. 5. Guarantee fund and minimum guarantee fund

   4. 6. Minimum guarantee fund: long term business

   5. 7. Minimum guarantee fund: general business

   6. 8. Valuation of solvency margins

   7. 9. Implicit items: future surpluses

   8. 10. Implicit items: zillmerising

   9. 11. Implicit items: hidden reserves

4. PART III MATCHING AND LOCALISATION

   1. 12. Application: Part III

   2. 13. Matching: general requirement

   3. 14. Matching: property linked benefits

   4. 15. Matching: currency of general business liabilities

   5. 16. Matching: exception for certain liabilities

   6. 17. Localisation

   7. 18. Exclusions from regulations 13 to 17

5. PART IV VALUATION OF ASSETS

   1. 19. Interpretation: Part IV

   2. 20. Application: Part IV

   3. 21. Shares in and debts due or to become due from dependants

   4. 22. Valuation of assets and liabilities of dependants for the purposes of regulation 21

   5. 23. Debts and other rights

   6. 24. Land

   7. 25. Equipment

   8. 26. Unlisted securities

   9. 27. Unit trusts

   10. 28. Listed Investments

   11. 29. Reversionary interests etc

   12. 30. Derivative contracts

   13. 31. Other assets

   14. 32. Assets to be taken into account only to a specified extent

6. PART V DETERMINATION OF LIABILITIES

   1. 33. Interpretation: Part V

   2. 34. Application: Part V

   3. 35. Long term and general business

   4. 36. Provision for adverse changes

   5. 37. General business liabilities

   6. 38. Long term liabilities

   7. 39. Method of calculation

   8. 40. Avoidance of future valuation strain

   9. 41. Valuation of future premiums

   10. 42. Acquisition expenses

   11. 43. Rates of interest

   12. 44. Rates of mortality and disability

   13. 45. Expenses

   14. 46. Options

   15. 47. Contracts not to be treated as assets

   16. 48. No credit for profits from voluntary discontinuance

   17. 49. Nature and term of assets

7. PART VI CONDUCT OF LONG TERM BUSINESS

   1. 50. Application: Part VI

   2. 51. Linked long term contracts

   3. 52. Statutory notice: long term business

8. PART VII STATISTICAL INFORMATION

   1. 53. Interpretation: Part VII

   2. 54. Application: Part VII

   3. 55. Insurance statistics: EFTA States

   4. 56. Insurance statistics: member States

   5. 57. Regulations 55 and 56: supplementary provisions

   6. 58. Notification of non-provision of insurance or non-carrying on of business

   7. 59. Default in complying with regulations 55 to 58

9. PART VIII MISCELLANEOUS

   1. 60. Annual actuarial investigation: prescribed societies

   2. 61. Annual investigation: signature of copy of abstract

   3. 62. Transitional provision

   4. 63. Revocations

10. Signature

11. SCHEDULES

    1. Schedule 1

       Long term business margin of solvency

    2. Schedule 2

       General business solvency margin: first method of calculation (premium basis)

    3. Schedule 3

       General business solvency margin: second method of calculation (claims basis)

    4. Schedule 4

       Value of dependants

    5. Schedule 5

       Assets to be taken into account only to a specified extent

    6. Schedule 6

       Permitted links

    7. Schedule 7

       Statutory notice

    8. Schedule 8

       Notice of cancellation

12. Explanatory Note