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The Friendly Societies (Long Term Insurance Business) Regulations 1987
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Valuation of solvency margins
21.—(1) Where a society has assets equal to or in excess of its liabilities, paragraphs (2) and (3) below shall have effect for determining the extent to which the value of the assets exceeds the amount of liabilities in connection with the required margin of solvency, the guarantee fund and the minimum guarantee fund.
(2) The required margin of solvency shall consist of the assets of the society, including in particular–
(a)free reserves not corresponding to underwriting liabilities, and
(b)any carry forward of surplus,
less any intangible items.
(3) The items mentioned in regulations 22 to 24 below (which relate to future surpluses, zillmerising and hidden reserves and shall be known as "implicit items') shall have no value, except with the consent of the Chief Registrar given upon the application of a society. Where the Chief Registrar so consents, any of the implicit items may be valued in accordance with the terms of his consent and the provisions of the said regulations 22 to 24.
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