Friendly Societies Act 1992

Part IVU.K. Authorisation of Friendly Societies’ Business

Restriction on carrying on unauthorised businessU.K.

31 Restriction on carrying on unauthorised insurance or non-insurance business.U.K.

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Authorisation to carry on businessU.K.

32 Grant of authorisation by Commission: general.U.K.

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

33 Applications from certain existing friendly societies.U.K.

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

34 Grant of unconditional or conditional authorisation.U.K.

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

35 Extension of current authorisation.U.K.

F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

36 Imposition of conditions on current authorisation.U.K.

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F736A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

Restrictions on business of certain authorised societiesU.K.

37 Restriction on combinations of business.U.K.

F8(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)This subsection applies to a friendly society which carries on long term business—

(a)if its rules do not contain provision for calling up additional contributions, for reducing benefits or for claiming assistance from other persons who have undertaken to provide it; or

(b)if its annual contribution income from long term business exceeded 500,000 ECU for 3 consecutive years and it is not the subject of a direction under subsection (5) below;

and, for the purposes of paragraph (b) above, years ending before 1st January 1985 shall be disregarded.

(3)This subsection applies to a friendly society which carries on general business—

(a)if its rules do not contain provision for calling up additional contributions or for reducing benefits; or

(b)if its annual contribution income from general business in any previous year exceeded 1,000,000 ECU and it is not the subject of a direction under subsection (5) below;

and, for the purposes of paragraph (b) above, years ending before 1st January 1993 shall be disregarded.

(4)In subsections (2) and (3) above a reference to a year, in relation to annual contribution income, is a reference to any financial year of a society for which, at the relevant time, accounts have been or ought to have been prepared.

(5)The [F9Authority] may, if it is satisfied that it is consistent with the international obligations of the United Kingdom to do so, direct that a friendly society—

(a)which is, by virtue only of paragraph (b) of subsection (2) above, a society to which that subsection applies; or

(b)which is, by virtue only of paragraph (b) of subsection (3) above, a society to which that subsection applies;

shall, unless the direction is revoked, be treated as not being a society to which subsection (2) or, as the case may be, subsection (3) above applies.

(6)If—

(a)the [F9Authority] has given a direction under subsection (5) above in relation to a society such as is mentioned in subsection (5)(a) above; and

(b)the society’s annual contribution income from long term business exceeds 500,000 ECU for 3 consecutive years ending after a date specified in the direction,

the [F9Authority] shall revoke the direction.

(7)If—

(a)the [F9Authority] has given a direction in relation to a society such as is mentioned in subsection (5)(b) above; and

(b)the society’s annual contribution income from general business in a year ending after a date specified in the direction exceeded 1,000,000 ECU,

the [F9Authority] shall revoke the direction.

F8(7A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9Words in s. 37(5)-(7) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 66 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

Modifications etc. (not altering text)

C1S. 37(4) excluded (1.5.1993) by S.I. 1993/932, reg. 7

Commencement Information

I1S. 37 wholly in force; s. 37 not in force at Royal Assent see s. 126(2); s. 37 in force for certain purposes at 13.1.1993 by S.I. 1993/16, art. 2, Sch. 1; s. 37 in force for all remaining purposes at 13.9.1993 by S.I. 1993/2213, art. 2(1), Sch. 2

38 Restriction on commercial business.U.K.

F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Powers of Commission in relation to authorised societiesU.K.

39 Power to direct application for fresh authorisation.U.K.

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1240 Withdrawal of authorisation in respect of new business.U.K.

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Textual Amendments

41 Withdrawal of authorisation to carry on insurance business.U.K.

F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

SupplementaryU.K.

42 Contracts effected in contravention of section 31(1).U.K.

F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43 Interpretation of Part IV.U.K.

F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments