The Friendly Societies (Long Term Insurance Business) Regulations 1987

Authorisation of new societies

6.—(1) This regulation applies in the case of a new society, that is to say–

(a) a society registered after the date of coming into force of these Regulations which–

(i) includes among its purposes the carrying on of long term business, and

(ii) is not, at the date of its registration, exempt from the application of these Regulations by virtue of the provisions of regulation 3 above; or

(b) a society, previously authorised under these Regulations, whose previous authorisation has been withdrawn pursuant to the provisions of regulation 32 below.

(2) Subject to the provisions of paragraphs (3) and (4) below, the Chief Registrar may authorise a new society to carry on in the United Kingdom such long term business as may be specified in the authorisation.

(3) The Chief Registrar shall not grant an authorisation pursuant to this regulation unless the applicant society submits to him the information, including a scheme of operations, particulars of which are set out in Schedule 2, and he is satisfied on the basis of that information and any other information received by him that the application ought to be granted.

(4) Without prejudice to the generality of paragraph (3) above, the applicant society shall demonstrate to the satisfaction of the Chief Registrar that it possesses the minimum guarantee fund.

(5) Where the Chief Registrar grants an authorisation pursuant to this regulation, he shall cause a certificate of authorisation, specifying the class or classes authorised, to be placed on the public file of the society, and a copy of that certificate to be sent to the secretary of the society.