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The Friendly Societies (Insurance Business) (Amendment) Regulations 1998
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- 1998 No. 3034
- Regulation 3
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Amendment of the 1994 Regulations
3. The 1994 Regulations are hereby amended as follows:
(a)regulation 16 shall be replaced by the following regulation:
“16. A society need not cover its liabilities by assets in a particular currency if those assets would amount to 7 per cent. or less of the remainder of its assets in other currencies.”; and
(b)in regulation 19(1), in the definition of “approved financial institution”, there shall be inserted, before “the central bank of an EEA State”, “the European Central Bank”.
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