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The Friendly Societies (Authorisation) Regulations 1993
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- UK Statutory Instruments
- 1993 No. 99
- SCHEDULE 2
- Paragraph 12
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12. For each of the first three financial years following authorisation—
(a)a forecast balance sheet;
(b)estimates relating to expenses of management (other than costs of installation) and in particular to current general expenses and commissions;
(c)estimates relating to premiums or contributions both gross and net of reinsurance and to claims (after all reinsurance recoveries);
(d)estimates relating to the financial resources intended to cover underwriting liabilities and the required margin of solvency.
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