I1 Part VIII Amalgamations, Transfers of Engagements and Conversion of Friendly Societies into Companies
Transfers of engagements
C188 Actuary’s report on transfer of long term business.
1
This section applies where—
F1a
a friendly society (“a transferor society") proposes to transfer to any person engagements the fulfilment of which will constitute–
i
in the case of a society to which subsection (2) or (3) of section 37 above applies, the carrying on of long term business in one of more F2EEA State; or
ii
in the case of a society to which neither of those subsections applies, the carrying on of long term business in the United Kingdom; or
b
a friendly society (a “transferee society”) proposes to undertake to fulfil any such engagements to be transferred to it from another friendly society.
2
3
A friendly society which is directed to furnish a report under this section shall, on payment of a reasonable fee, furnish a copy of the report to any person who asks for one at any time before the transfer in question is confirmed by the Authority.
4
Subsections (4) to (7) of section 87 above shall apply in relation to an actuary preparing a report under this section as they apply to the appropriate actuary preparing a report under that section.
5
In this section—
“independent actuary”, in relation to a transfer of engagements, means an actuary who is not the appropriate actuary of a friendly society participating in the transfer;
“long term policyholder” means a member whose contract with a friendly society is a contract the effecting of which by the society constituted the carrying on of long term business.
Pt. VIII (ss. 85-92) wholly in force; Pt. VIII not in force at Royal Assent see s. 126(2); Pt. VIII in force at 13.9.1993 by S.I. 1993/2213, art. 2(1), Sch. 3