Regulation 11 Criteria of prudent management

For the eighth criterion in subsection (3) of section 50 of the 1992 Act (the criteria of prudent management) substitute–

“8

In the case of a society to which section 37(2) or (3) applies, direction and management which, in addition to satisfying the other requirements as to direction and management, is such as to secure compliance with any obligation imposed on the society by any provision (whether of the law of any part of the United Kingdom or of the law of another EEA State) which–

(a)

gives effect to the general insurance or life Directives; or

(b)

is otherwise applicable to the insurance activities of the society.”.

Regulation 2(2) of the Friendly Societies (Amendment) Regulations 1993^f1 (which is superseded by paragraph (1) above) shall cease to have effect.