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The Friendly Societies (Insurance Business No. 2) Regulations 1993
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- UK Statutory Instruments
- 1993 No. 2520
- PART III
- Regulation 16
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Matching: exception for certain general business liabilities
16.—(1) The requirements of regulation 13 above have effect subject to the following provisions as regards a society’s general business.
(2) The society need not cover the liabilities of its general business by assets in a particular currency if those assets would amount to 7 per cent or less of the remainder of its assets in other currencies.
This paragraph is subject to paragraphs (3) and (4) below.
(3) During the period until 31st December 1998, paragraph (2) has effect in relation to liabilities required to be covered by assets in Greek drachmas, Irish pounds or Portuguese escudos as if the amount of 2 million ECU, if less than the percentage mentioned in that paragraph, were substituted for that percentage.
(4) During the period until 31st December 1996, paragraph (2) has effect in relation to liabilities required to be covered by assets in Belgian francs, Luxembourg francs or Spanish pesetas as if the amount of 2 million ECU, if less than the percentage mentioned in that paragraph, were substituted for that percentage.
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