The Friendly Societies (Amendment) Regulations 1993

Statements in respect of long term business

8.—(1) Paragraph (2) below applies where any friendly society to which section 37(2) of the 1992 Act applies provides, in any financial year ending on or after the commencement date, long term insurance in a member State other than the United Kingdom through an establishment in the United Kingdom.

(2) The society shall prepare, in respect of long term insurance so provided by it, a statement of gross premiums receivable by each of classes I to VI specified in Head A of Schedule 2 to that Act which shows separately—

(a) those receivable in respect of commitments for which the society requires authorisation in the member State in which the commitments are situated in accordance with Article 12 of the second life Directive; and

(b) those receivable in respect of commitments for which the society does not require authorisation in that member State in accordance with Article 14 of that Directive.

(3) A separate statement shall be prepared under paragraph (2) above in respect of each member State in which the society provides the insurance.

(4) In this regulation and regulation 9 below—

(a) “gross premiums” means premiums after deduction of discounts, refunds, rebates of premium and any taxes or levies that are related to those premiums but before deduction of premiums for reinsurance ceded and before deduction of commission payable by the society; and

(b) references to the provision of long term or general insurance in a member State shall be construed in accordance with section 81A of the Insurance Companies Act 1982(1).

(5) In this regulation and regulations 9 to 13 below—

(a) “the commencement date” means, in Great Britain, the day after the day on which these Regulations are made and, in Northern Ireland, 1st January 1994; and

(b) unless the context otherwise requires, expressions which are also used in the 1992 Act have the same meanings as they have for the purposes of that Act.

(1)

1982 c. 50; section 81A was inserted by S.I. 1990/1333, regulation 10; relevant amendments to section 81A were made by S.I. 1993/174, regulation 4(2).