UK Statutory Instrument
1996
United Kingdom
The Friendly Societies (Insurance Business) (Amendment) Regulations 1996
At a glance
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 35 other Schedules — structural / supplementary
Adjustments in respect of initial margins
Adjustments in respect of an undiversified contract for differences or a contract or asset having the effect of a derivative contract
For the purposes of paragraph 11 above, the society shall...
Excess asset exposure
Calculation of exposure to a counterparty
Where a society has rights in respect of an obligation...
If the society has liabilities to the counterparty which may...
Excess counterparty exposure
Excess concentration with a number of counterparties
For the purposes of this Schedule— “business amount” means— for...
The permitted asset exposure limit for assets of any of...
The permitted counterparty exposure limit is— where the counterparty is...
Calculation of exposure to assets
Adjustments in respect of futures contracts
For the purposes of paragraph 6 above, the society shall...
Adjustments in respect of options
For the purposes of paragraph 8 above, the society shall...
Listed securities which are readily realisable, not being securities which...
Cash.
Units, by whatever name called, in a real or notional...
An approved index.
Unless the context otherwise requires, words or expressions contained in...
For the purposes of this Schedule, “approved index” means either—...
(1) For the purposes of this Schedule, “permitted derivative contract”...
In this Schedule— “collective investment fund” includes a collective investment...
Benefits payable under any contract to which regulation 51 applies...
Unlisted securities which are readily realisable, not being securities which...
Land (including any interest in land) in an EEA State,...
Loans— which are fully secured by mortgage (or in Scotland,...
Units or other beneficial interests in— a scheme falling within...
Approved securities.
Loans to or deposits with an approved credit institution, an...
Income due, or to become due, in respect of property...
Permitted derivative contracts.
Browse 28 other sections — procedural / definitional / commencement
Citation, commencement and general
Localisation
Exclusions from regulations 13 to 17
Interpretation: Part IV
For paragraphs (3) and (4) of regulation 19 substitute—
Application: Part IV
Valuation of assets and liabilities of dependants for the purposes of regulation 21
Assets sold to or purchased from an approved credit institution or an approved investment firm subject to an agreement for resale or repurchase
Debts and other rights
Securities and beneficial interests in limited partnerships (substitution for regulation concerning unlisted securities)
Beneficial interests in collective investment schemes (substitution for regulation concerning unit trusts)
Deferred acquisition costs (substitution for regulation concerning listed investments)
Derivative contracts
Contracts and assets having the effect of derivative contracts (substitution for regulation concerning other assets)
Assets to be taken into account only to a specified extent
Interpretation: Part V
Provision for adverse changes
General business liabilities
Long term liabilities
Rates of interest
Expenses
Linked long term contracts
Interpretation: Part VII
Insurance statistics: member States
Schedule 2
Schedule 5
Schedule 6
Transitional provision
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