Citation and commencement

1. These Regulations may be cited as the Friendly Societies (Valuation) (Amendment) Regulations 1988 and shall come into force on 30th December 1988.

Amendment of the 1985 Regulations

2.The Friendly Societies (Valuation) Regulations 1985( 2 ) shall be amended–

(a) by the insertion after the definition of “the 1982 Act” in regulation 2(1) thereof, of the following definitions:

• “ “the 1987 Regulations ” means The Friendly Societies (Long Term Insurance Business) Regulations 1987 ( 3 ) ;

• “authorised society” has the meaning which it has in the 1987 Regulations, and “authorisation” shall be construed accordingly; ” ;

(b) by the substitution, for the definition of “society” in regulation 2(1) thereof, of the following definition:

• “ “society” means, in regulation 4A hereof, a registered friendly society to which subsection (1) of section 41 of the 1974 Act applies, and in the rest of these Regulations a registered friendly society or branch to which that subsection applies; ” ;

(c) by the substitution, for the definition of “valuation” in regulation 2(1) thereof, of the following definition:

• “ “valuation” except in regulation 4A(1)(d)(i) hereof means the valuation and report thereon required by section 41 of the 1974 Act. ” ;

(d) by the insertion, after the words “This regulation applies” in regulation 3(1) and 4(1) respectively, of the words “, subject to regulation 4A below,”; and

(e) by the insertion, after regulation 4, of the following regulation:

“ 4A. —(1) Regulations 3 and 4 above shall cease to apply to a society and to any branch of that society once the following requirements are satisfied in relation to that society:

(a) the society is an authorised society;

(b) the society–

(i) has caused its relevant assets and liabilities to be valued as at an appropriate date under section 41 of the 1974 Act as it has effect in relation to it as provided by these Regulations, and

(ii) has sent the related report required by that section to the registrar;

(c) each branch of the society (if it has any)–

(i) has caused the relevant assets and liabilities of that branch to be valued as at that appropriate date (or a date later than that appropriate date) under section 41 of the 1974 Act as it has effect in relation to that branch as provided by these Regulations, and

(ii) has sent the related report required by that section to the registrar; and

(d) the society has either–

(i) included, within a valuation report sent to the Chief Registrar under regulation 11 (annual actuarial investigation) of the 1987 Regulations, a valuation and determination referred to in regulation 11(3) of the 1987 Regulations in relation to that appropriate date, or

(ii) included, among the information provided in the application for its authorisation, by way of an explanation of the statement of the amount of expected excess of assets over liabilities referred to in paragraph 1 (solvency) of Schedule 2 to the 1987 Regulations, a statement showing the amount of actual excess of assets over liabilities as at that appropriate date (after application of Parts VI and VII of the 1987 Regulations) and how that latter amount was calculated.

(2) In this regulation–

(a) “appropriate date” means 31st December in a particular year, and

(b) “relevant assets and liabilities” means, in relation to a society or branch, the assets and liabilities valuation of which it is required to make by section 41 of the 1974 Act as it has effect in relation to that society or branch as provided by these Regulations. ” .