The Friendly Societies (Insurance Business) Regulations 1993

Localisation

17.—(1) Assets held pursuant to regulation 13 above shall be held—

(a) if they cover liabilities in sterling, in the United Kingdom;

(b) if they cover liabilities in any other currency, in the United Kingdom or in the country of that currency.

(2) For the purposes of applying paragraph (1) above to tangible assets and assets consisting of a claim against a debtor or a listed or unlisted investment, the following provisions shall have effect—

(a) a tangible asset shall be regarded as held in the place where it is situated;

(b) an asset consisting of a claim against a debtor shall be regarded as held in any place where it can be enforced by legal action;

(c) an asset consisting of a listed investment shall be regarded as held in any place where—

(i) there is a recognised United Kingdom stock exchange or a stock exchange of repute outside the United Kingdom where it is listed; or

(ii) there is a securities market outside the United Kingdom, being a market of repute in which prices of all securities in which there are dealings are publicly listed and which is supervised by a public body, where it is dealt in;

(d) an asset consisting of an unlisted investment issued by an incorporated company shall be regarded as held in the place where the head office of the company is situated.