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Statutory Instruments

1998 No. 3034

FRIENDLY SOCIETIES

The Friendly Societies (Insurance Business) (Amendment) Regulations 1998

Made

11th December 1998

Laid before Parliament

11th December 1998

Coming into force

1st January 1999

The Friendly Societies Commission, being a Department designated for the purposes of section 2(2) of the European Communities Act 1972( 1 ) in relation to the authorisation and carrying on by friendly societies of insurance business and the regulation of such business and its conduct and in relation to anything supplemental or incidental to such matters( 2 ) in exercise of the powers conferred by that section and, with the consent of the Treasury, in exercise of the power conferred upon it by section 45 of the Friendly Societies Act 1992( 3 ), hereby makes the following Regulations:

Citation and commencement I1

1. These Regulations may be cited as the Friendly Societies (Insurance Business) (Amendment) Regulations 1998, and shall come into force on the 1st January 1999.

Interpretation I2

2. In these Regulations, “the 1994 Regulations” means the Friendly Societies (Insurance Business) Regulations 1994( 4 ).

Amendment of the 1994 Regulations I3

3. The 1994 Regulations are hereby amended as follows:

(a) regulation 16 shall be replaced by the following regulation:

“ 16. A society need not cover its liabilities by assets in a particular currency if those assets would amount to 7 per cent. or less of the remainder of its assets in other currencies. ” ; and

(b) in regulation 19(1), in the definition of “approved financial institution”, there shall be inserted, before “the central bank of an EEA State”, “the European Central Bank”.

In witness whereof the common seal of the Friendly Societies Commission is hereunto fixed, and is authenticated by me, a person authorised under paragraph 13 of Schedule 1 to the Friendly Societies Act 1992, on

L.S.

Bosco D'Silva

7th December 1998.

We consent to these Regulations.

Bob Ainsworth

Clive Betts

Two of the Lords Commissioners of Her Majesty’s Treasury

11th December 1998

( 1 )

1972 c. 68 .

( 2 )

The European Communities (Designation) (No. 5) Order 1992 (S.I. 1992/3197 ).

( 3 )

1992 c. 40 .

( 4 )

S.I. 1994/1981 . The Regulations have been amended by S.I.s 1996/3008 , 1997/966 , and 1997/2849 .

Status: There are outstanding changes not yet made by the editorial team to The Friendly Societies (Insurance Business) (Amendment) Regulations 1998. Any changes that have already been made by the team appear in the content and are referenced with annotations.
The Friendly Societies (Insurance Business) (Amendment) Regulations 1998 (1998/3034)

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Status of this instrument

footnotecommentarytransitional and savingsin force statusrelated provisionsgeo extentinsert/omitsource countin force adj
I1Reg. 1 in force at 1.1.1999, see reg. 1
I2Reg. 2 in force at 1.1.1999, see reg. 1
I3Reg. 3 in force at 1.1.1999, see reg. 1
Defined TermSection/ArticleIDScope of Application
the 1994 Regulationsreg. 2.the_1994_R_rth96tE
This instrument is derived from the version at www.legislation.gov.uk. To see a list of all amendments (including any to be made) check the resources page for this instrument on their website. Note, the status of this instrument is given above.
This instrument is derived from the version at www.legislation.gov.uk. To see original commencement information, check the resources page associated with this instrument. n.b. commencement information for marked amendments is embedded in the relevant footnote.

Status of changes to instrument text

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