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The Friendly Societies (Insurance Business) (Amendment) Regulations 1996
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Excess concentration with a number of counterparties
18. Where there is exposure to a counterparty of the type mentioned in paragraph 4(c)(ii) above, 40 per cent. of the business amount shall be deducted from the aggregate of such exposures. The amount so arrived at shall be the excess concentration with a number of counterparties. Where this amount is negative, it shall be taken to be zero. For the purposes of this paragraph—
(a)exposure to a counterparty shall be taken into account only up to the level of the permitted counterparty exposure limit for that counterparty;
(b)exposure to a counterparty shall not be taken into account if it does not exceed 5 per cent. of the business amount; and
(c)exposure to a counterparty shall not be taken into account if the corresponding permitted counterparty exposure limit does not exceed 5 per cent. of the business amount.
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