Friendly societies subject to the same basic rules as mutual insurers
This section has no associated Explanatory Memorandum
10. Section 97 of FA 2012 (application of Chapter) applies as if for subsection (1) there were substituted—
“(1) This Chapter applies in the case of an insurance company that carries on basic life assurance and general annuity business and one or both of—
(a)tax exempt business, or
(b)other long-term business.”.