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

• Citation: S.I. 1998/3034
• Sections: 3

Section 1 Citation and commencement

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

Section 2 Interpretation

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

Section 3 Amendment of the 1994 Regulations

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.

(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”.