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The Friendly Societies (Insurance Business) Regulations 1993
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8. For the purposes of paragraph 7 above, the necessary conditions are as follows, that is to say—
(a)the gross premiums receivable shall be calculated on the basis of sickness tables appropriate to insurance business;
(b)the reserves shall include provision for increasing age;
(c)an additional premium shall be collected in order to set up a safety margin of an appropriate amount;
(d)it shall not be possible for the society to cancel the contract after the end of the third year of insurance;
(e)the contract shall provide for the possiblity of increasing premiums or reducing payments during its currency.
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