Part IV Authorisation of Friendly Societies’ Business
Restriction on carrying on unauthorised business
31 Restriction on carrying on unauthorised insurance or non-insurance business.
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Authorisation to carry on business
32 Grant of authorisation by Commission: general.
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33 Applications from certain existing friendly societies.
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34 Grant of unconditional or conditional authorisation.
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35 Extension of current authorisation.
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Imposition of conditions on current authorisation.
F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F736A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restrictions on business of certain authorised societies
37 Restriction on combinations of business.
F8(1)
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F8(1A)
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(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 F9appropriate authority 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 F9appropriate authority 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 F9appropriate authority shall revoke the direction.
(7)
If—
(a)
the F9appropriate authority 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 F9appropriate authority shall revoke the direction.
F8(7A)
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F8(8)
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F8(9)
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38 Restriction on commercial business.
F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Powers of Commission in relation to authorised societies
39 Power to direct application for fresh authorisation.
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1240 Withdrawal of authorisation in respect of new business.
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41 Withdrawal of authorisation to carry on insurance business.
F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supplementary
42 Contracts effected in contravention of section 31(1).
F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43 Interpretation of Part IV.
F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .