Paragraph 10 Other definitionsI1

In the Schedules to these Regulations:

• F1“fair value reserve” has the meaning given by paragraph 24D of Schedule 6;

• “fungible assets” means assets of any description which are substantially indistinguishable one from another; and

• “provision for unexpired risks” means the amount set aside in addition to unearned premiums in respect of risks to be borne by the society after the end of the financial year, in order to provide for all claims and expenses in connection with insurance contracts in force in excess of the related unearned premiums and any premiums receivable on those contracts.