Introductory Text
PART I GENERAL
1.Citation, commencement and extent
2.Interpretation
PART II FRIENDLY SOCIETIES COMMISSION
3.Functions of Commission
PART III AUTHORISATION OF FRIENDLY SOCIETIES
Authorisation to carry on business
4.Grant of authorisation by Commission: general
5.Grant of unconditional or conditional authorisation
Powers of Commission in relation to authorised societies
6.Withdrawal of authorisation in respect of new business
7.Withdrawal of authorisation to carry on insurance business
PART IV REGULATION OF BUSINESS
Financial resources
8.Margins of solvency
9.Adequacy of assets
10.Adequacy of premiums in respect of long term insurance
Criteria of prudent management
11.Criteria of prudent management
Powers of Commission
12.Application to court
13.Prohibition on disposal of assets
14.Supervision of controllers
Business etc. in other EEA States
15.Recognition of societies in accordance with insurance Directives
16.Notification by Commission of measures taken by it
Information
17.Powers to obtain information and documents etc.
18.Exceptions from restrictions on disclosure
Inspections etc.
19.Investigations on behalf of Commission
20.Inspections: supplementary provision
PART V CONDUCT OF BUSINESS
21.Information for members
22.Statutory notice
23.Right to withdraw from transaction
24.Service of notice of cancellation
PART VI TRANSFERS OF ENGAGEMENTS
25.Confirmation by Commission
26.Actuary’s report as to margin of solvency
27.Actuary’s report on transfer of long term business
28.Issue of certificates by Commission
PART VII SUPPLEMENTAL
29.Insurance business etc.
30.General interpretation
31.Meaning of “associate”
32.Meaning of “main agent”
Signature
SCHEDULES
SCHEDULE 1
SUPERVISION OF CONTROLLERS OF FRIENDLY SOCIETIES TO WHICH SECTION 37(2) OR (3) APPLIES
SCHEDULE 2
RECOGNITION IN OTHER EEA STATES OF FRIENDLY SOCIETIES TO WHICH SECTION 37(2) OR (3) APPLIES
SCHEDULE 3
INFORMATION FOR MEMBERS OF FRIENDLY SOCIETIES TO WHICH SECTION 37(2) OR (3) APPLIES
SCHEDULE 4
CONFIRMATION BY COMMISSION OF TRANSFERS OF ENGAGEMENTS
Explanatory Note