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The Friendly Societies (Insurance Business) (Amendment) Regulations 2000

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Explanatory Note

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These Regulations amend Part V of the Friendly Societies (Insurance Business) Regulations 1994 (“the 1994 Regulations”) which is concerned with the determination of a friendly society’s liabilities, this being relevant to the margin of solvency required to be maintained by a society in accordance with section 48 of the Friendly Societies Act 1992.

Regulation 2 amends the 1994 Regulations and aligns them with the regulations applicable to insurance companies. Paragraph (1) makes a clarificatory amendment to regulation 38(3). Paragraph (2) makes changes to regulation 41, to permit the use of a gross premium method of valuation where the insured is not eligible to participate in surplus, and to offer alternative methods of valuing premiums where the terms of an insurance contract are changed. Paragraph (3) amends regulation 43(9), with respect to assumptions to be made about the yields of assets, and adjusts a reference to take account of changes to the compilation of the indices referred to. Paragraph (4) amends regulation 46, so as to reflect the change made by paragraph (1) to regulation 38.

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