Friendly Societies Act 1992

1. Introductory Text

2. Part I The Friendly Societies Commission

   1. 1. The Friendly Societies Commission

   2. 2. Financial provision for Commission

   3. 3. Accounts of Commission and audit

   4. 4. Annual and other reports

3. Part II Incorporated Friendly Societies

   1. Constitution and purposes of incorporated friendly societies

      1. 5. Establishment of incorporated friendly societies

      2. 6. Incorporation of registered friendly societies

      3. 7. Purposes and powers of an incorporated friendly society

      4. 8. Effect of the memorandum of an incorporated society

      5. 9. Effect of the rules of an incorporated society

      6. 10. Social and benevolent activities

      7. 11. Group insurance

      8. 12. Reinsurance

      9. 13. Control of subsidiaries and other bodies corporate

   2. Powers of incorporated friendly societies

      1. 14. Investment of funds

      2. 15. Holding of land for purposes other than investment

      3. 16. Assistance to subsidiaries and jointly controlled bodies

      4. 17. Loans to assured members

   3. Benefit terms

      1. 18. Terms on which benefits are available

   4. Dissolution and winding up

      1. 19. Modes of dissolution and winding up

      2. 20. Dissolution by consent

      3. 21. Voluntary winding up

      4. 22. Winding up by court: grounds and petitioners

      5. 23. Application of winding up legislation to incorporated friendly societies

      6. 24. Continuation of long term business

      7. 25. Power of court to declare dissolution void

      8. 26. Cancellation of registration

4. Part III Management and Administration

   1. Committee of management and other officers

      1. 27. Committee of management

      2. 28. Chief executive and secretary

      3. 29. Notification of officers to central office

   2. Meetings and resolutions

      1. 30. Meetings and resolutions

5. Part IV Authorisation of Friendly Societies' Business

   1. Restriction on carrying on unauthorised business

      1. 31. Restriction on carrying on unauthorised insurance or non-insurance business

   2. Authorisation to carry on business

      1. 32. Grant of authorisation by Commission: general

      2. 33. Applications from certain existing friendly societies

      3. 34. Grant of unconditional or conditional authorisation

      4. 35. Extension of current authorisation

      5. 36. Imposition of conditions on current authorisation

   3. Restrictions on business of certain authorised societies

      1. 37. Restriction on combinations of business

      2. 38. Restriction on commercial business

   4. Powers of Commission in relation to authorised societies

      1. 39. Power to direct application for fresh authorisation

      2. 40. Withdrawal of authorisation in respect of new business

      3. 41. Withdrawal of authorisation to carry on insurance business

   5. Supplementary

      1. 42. Contracts effected in contravention of section 31(1)

      2. 43. Interpretation of Part IV

6. Part V Regulation of Friendly Societies' Business

   1. Preliminary

      1. 44. Appointment of actuary by societies with long term business

      2. 45. Valuation of assets and liabilities

   2. Actuarial investigations

      1. 46. Annual investigation into condition of certain societies

      2. 47. Triennial investigations into condition of certain societies

   3. Margins of solvency

      1. 48. Margins of solvency in relation to insurance business of certain societies

      2. 49. Failure to maintain prescribed margin of solvency

   4. Criteria of prudent management

      1. 50. The criteria of prudent management

   5. Powers of Commission

      1. 51. Power to forbid acceptance of new members

      2. 52. Applications to court

      3. 53. Residual power to impose requirements for protection of members

      4. 54. Supervision of activities of subsidiaries etc

      5. 55. Supervision of group insurance business

      6. 56. Linked long-term insurance contracts

   6. Covering of risks situated in another member State

      1. 57. Covering of risks situated in another member State

   7. Appeals

      1. 58. Rights of appeal

      2. 59. Determination of appeals

      3. 60. Costs, procedure and evidence

      4. 61. Further appeals on points of law

   8. Information

      1. 62. Powers to obtain information and documents etc

      2. 63. Confidentiality of certain information

      3. 64. Exceptions from restrictions on disclosure

   9. Inspections etc.

      1. 65. Investigations on behalf of Commission

      2. 66. Inspections and special meetings: general

      3. 67. Inspections: supplementary provision

7. Part VI Accounts and Audit

   1. Records and systems

      1. 68. Accounting records and systems of business control

   2. Annual accounts of friendly societies and registered branches

      1. 69. Duty to prepare accounts

      2. 70. Contents and form of annual accounts

   3. Committee of management’s annual report

      1. 71. Report on a friendly society’s affairs by the committee of management

   4. Auditors

      1. 72. Auditors' appointment, tenure, qualifications, etc

   5. Auditors' report on annual accounts

      1. 73. Auditors' report

      2. 74. Signature of auditors' report

      3. 75. Auditors' rights to information and to attend meetings

      4. 76. Approval and signing of accounts

      5. 77. Information on appointed actuary to be annexed to balance sheet

   6. Laying and furnishing of accounts and reports

      1. 78. Laying and furnishing of accounts and reports

      2. 79. Auditors' duties to Commission and related rights

8. Part VII Disputes

   1. Disputes relating to friendly societies

      1. 80. Determination of certain disputes by arbitration

      2. 81. Complaints by members of friendly societies

      3. 82. Disputes arising out of loans of surplus funds to societies of different description

   2. Disputes relating to industrial and provident societies

      1. 83. Disputes relating to industrial and provident societies

   3. Disputes under National Savings Bank Act 1971 and National Debt Act 1972

      1. 84. Disputes under the National Savings Bank Act 1971 and National Debt Act 1972

9. Part VIII Amalgamations, Transfers of Engagements and Conversion of Friendly Societies into Companies

   1. Amalgamations

      1. 85. Amalgamation of friendly societies

   2. Transfers of engagements

      1. 86. Transfer of engagements by or to friendly society

      2. 87. Actuary’s report as to margin of solvency

      3. 88. Actuary’s report on transfer of long term business

      4. 89. Power of Commission to alter requirements for transfer by friendly society

      5. 90. Power of Commission to effect transfer of engagements

   3. Conversions

      1. 91. Conversion of friendly society into company

   4. Supplementary

      1. 92. Compensation for loss of office

10. Part IX Miscellaneous

    1. Societies registered under 1974 Act

       1. 93. Registration of societies under 1974 Act

       2. 94. Registered friendly societies and branches: validation and ratification by members

       3. 95. Amendments of 1974 Act

    2. Societies registered in Northern Ireland

       1. 96. Extension of 1974 Act to Northern Ireland

    3. Other miscellaneous provisions

       1. 97. Insurance protection

       2. 98. Financial services

       3. 99. Insurance of lives of children under 10

       4. 100. Industrial assurance

       5. 101. Law applicable to contracts of insurance with friendly societies

11. Part X General and Supplementary

    1. General

       1. 102. Power to amend, etc. to assimilate to company law or law relating to persons carrying on insurance business

       2. 103. Power to modify Parts V and VI in relation to particular friendly societies

       3. 104. Public file of a friendly society

       4. 105. Exemptions from stamp duty

       5. 106. Officers and auditors not to be exempted from liability

       6. 107. Time limit for commencing proceedings

       7. 108. Offences by bodies corporate, partnerships and unincorporated associations

       8. 109. Defence of due diligence

       9. 110. Jurisdiction of magistrates' courts

       10. 111. Evidence

       11. 112. Records of friendly societies

       12. 113. Service of notices

       13. 114. Form of documents and power to prescribe fees

       14. 115. Provision as to information supplied for purposes of social security

    2. Interpretation

       1. 116. Friendly societies etc

       2. 117. Insurance business etc

       3. 118. Financial year of friendly societies

       4. 119. General interpretation

    3. Supplementary

       1. 120. Amendments and repeals

       2. 121. Orders and regulations

       3. 122. Expenses

       4. 123. Power to make transitional, consequential etc. provisions

       5. 124. Northern Ireland

       6. 125. Channel Islands and Isle of Man

       7. 126. Short title and commencement

12. Schedules:

    1. Schedule 1

       —The Friendly Societies Commission.

    2. Schedule 2

       —The activities of a friendly society.

    3. Schedule 3

       —Establishment, incorporation and constitution of incorporated friendly societies.

    4. Schedule 4

       —Incorporation of registered friendly societies: supplementary.

    5. Schedule 5

       —Additional activities of incorporated societies.

    6. Schedule 6

       —Making of contracts and execution of documents by incorporated friendly societies.

    7. Schedule 7

       —Activities which may be carried on by a subsidiary of or body jointly controlled by an incorporated friendly society.

    8. Schedule 8

       —Provisions supplementary to section 13.

    9. Schedule 9

       —Nominations by members of incorporated friendly societies and related matters.

    10. Schedule 10

        —Application of companies winding up legislation to incorporated friendly societies.

        1. Part I —General mode of application.

        2. Part II —Modified application of Insolvency Act 1986 Parts IV and XII.

        3. Part III —Modified application of Insolvency (Northern Ireland) Order 1989.

        4. Part IV —Supplementary.

    11. Schedule 11

        —Committee of management: supplementary.

        1. Part I —Eligibility and retirement of committee members.

        2. Part II —Dealings with members of committee of management.

    12. Schedule 12

        —Meetings and resolutions.

    13. Schedule 13

        —Authorisation: supplementary provisions.

        1. Part I —Applications for authorisation.

        2. Part II —Imposition of conditions and withdrawal of authorisation.

    14. Schedule 14

        —Auditors: appointment, tenure, qualifications and remuneration.

    15. Schedule 15

        —Amalgamations, transfers of engagements and conversion: supplementary.

        1. Part I —Provision of information to members.

        2. Part II —Confirmation by Commission.

    16. Schedule 16

        —Amendments of 1974 Act.

    17. Schedule 17

        —Amendments of Policyholders Protection Act 1975.

    18. Schedule 18

        —Amendments of Financial Services Act 1986.

        1. Part I —Amendments of provisions other than Schedule 11.

        2. Part II —Amendments of Schedule 11.

    19. Schedule 19

        —Industrial assurance.

        1. Part I —Great Britain.

        2. Part II —Northern Ireland.

    20. Schedule 20

        —Law applicable to certain contracts of insurance.

    21. Schedule 21

        —Amendments.

        1. Part I —Amendments of enactments.

        2. Part II —Amendments of Northern Ireland legislation.

    22. Schedule 22

        —Repeals.

        1. Part I —General.

        2. Part II —Northern Ireland legislation.