Reinsurance

23A Reinsurance.

1

The rules of a registered friendly society may provide for the carrying on by the society of any reinsurance business to which subsection (2) below applies but only to such extent or in such circumstances as may from time to time be approved by the appropriate actuary.

2

This subsection applies to business consisting of the effecting and carrying out of contracts of reinsurance which—

a

are insured or to be insured by any other registered society or any incorporated friendly society; and

b

are of a class or part of a class of insurance business which the society carrying on the re-insurance business itself carries on.

3

In this section “the appropriate actuary” has the same meaning as in the 1992 Act.