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The Friendly Societies (Long Term Insurance Business) Regulations 1987

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General

47.—(1) Subject to this Part of these Regulations, the amount of liabilities of a society in respect of its insurance business and other lawful activities shall be determined in accordance with generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate for insurance business.

(2) In determining under paragraph (1) above the amount of liabilities of a society, all contingent and prospective liabilities shall be taken into account.

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