PART 3Friendly societies carrying on long-term business
Interpretation
C1172Minor definitions
1
In this Part—
“friendly society”, without qualification, means (except in section 171) a registered friendly society or an incorporated friendly society,
“incorporated friendly society” means a society incorporated under FSA 1992,
“policy”, in relation to BLAGAB or eligible PHI business, includes an instrument evidencing a contract to pay an annuity upon human life,
“registered branch” has the same meaning as in FSA 1992 (and includes any branch that as a result of section 96(3) of FSA 1992 is treated as a registered branch), and
“registered friendly society” has the same meaning as in FSA 1992 (and includes any society that as a result of section 96(2) of FSA 1992 is treated as a registered friendly society).
2
Any other expression which is used in this Part and in Part 2 has the same meaning in this Part as in that Part.
3
References in this Part to a friendly society include, in the case of a registered friendly society, references to any branch of that society.
4
It is declared that for the purposes of this Part (except where provision to the contrary is made) a friendly society formed on the amalgamation of two or more friendly societies is treated as different from the amalgamated societies.
5
A registered friendly society formed on the amalgamation of two or more friendly societies is treated for the purposes of this Part as registered not later than 3 May 1966 if at the time of the amalgamation—
a
all the societies amalgamated were registered friendly societies eligible for the exemption conferred by section 153, and
b
at least one of them was an old society,
or, if the amalgamation took place before 19 March 1985, the society was treated as registered not later than 3 May 1966 as a result of the proviso to section 337(4) of the Income and Corporation Taxes Act 1970.
6
An incorporated friendly society formed on the amalgamation of two or more friendly societies is treated for the purposes of this Part as a society which, before its incorporation, was a registered friendly society registered not later than 3 May 1966 if at the time of the amalgamation—
a
all the societies amalgamated were registered friendly societies eligible for the exemption conferred by section 153, and
b
at least one of them was an old society.
173Abbreviations
1
In this Part—
“FSA 1992” means the Friendly Societies Act 1992, and
“FISMA (Regulated Activities) Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
2
For abbreviations of other Acts, see section 228.
C2174Index of defined terms
In this Part the following expressions are defined or otherwise explained by the provisions indicated—
Expression | Where explained |
---|---|
basic life assurance and general annuity business (abbreviated to “BLAGAB”) | sections 57, 67(5) and 172(2) |
BLAGAB or eligible PHI business | section 154 |
contract of insurance | sections 64 and 172(2) |
exempt BLAGAB or eligible PHI business | section 155 |
friendly society | section 172(1) |
HMRC Commissioners | sections 139(1) and 172(2) |
incorporated friendly society | section 172(1) |
insurance business transfer scheme | sections 139(1) and 172(2) |
insurance company | sections 65 and 172(2) |
life assurance business | sections 56 and 172(2) |
long-term business | sections 63(1) and 172(2) |
old society | section 161(2) |
PHI business | sections 63(2) and 172(2) |
policy | section 172(1) |
registered | section 172(5) and (6) |
registered branch | section 172(1) |
registered friendly society | section 172(1) and (3) |
relevant other business | section 166 |
re-insurance | sections 139(1) and 172(2) |