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The Friendly Societies (Authorisation) Regulations 1993
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- UK Statutory Instruments
- 1993 No. 99
- SCHEDULE 1
- Paragraph 12
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12. For each of the first three financial years following authorisation—
(a)a forecast balance sheet (on both optimistic and pessimistic bases);
(b)a plan (on both optimistic and pessimistic bases) setting out detailed estimates of income and expenditure in respect of direct insurance business and reinsurance cessions; and
(c)estimates relating to the financial resources intended to cover underwriting liabilities and the required margin of solvency.
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