{
  "url": "https://openlegislation.uk/friendly-societies-act-1992-transitional-and-consequential-provisions-regulations-1995/note",
  "json_url": "https://openlegislation.uk/friendly-societies-act-1992-transitional-and-consequential-provisions-regulations-1995/note.json",
  "legislation": "uksi/1995/710",
  "legislation_title": "The Friendly Societies Act 1992 (Transitional and Consequential Provisions) Regulations 1995",
  "legislation_url": "https://openlegislation.uk/friendly-societies-act-1992-transitional-and-consequential-provisions-regulations-1995",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the regulations)\nThese Regulations contain transitional and consequential provisions resulting from the coming into force of provisions of the Friendly Societies Act 1992 (the “1992 Act”).\nRegulation 3 provides that certain provisions of the Friendly Societies Act 1974 and the Friendly Societies (Long Term Insurance Business) Regulations 1987 continue to have effect until returns and valuations under them have been completed for the year ending 31st December 1993.\nRegulation 4 allows, for specified periods, a friendly society or registered branch to prepare its balance sheet as formerly permitted to registered societies and registered branches under section 30 of the Friendly Societies Act 1974 (viz true and fair view of the assets and current liabilities). The requirement imposed by section 70 of the 1992 Act (viz true and fair view of the state of affairs) reflects the requirements of the EC Insurance Accounts Directive (91/674), with which friendly societies which fall within the Directive must fully comply for the financial year ending 31st December 1995. Other friendly societies and registered branches are given three years within which to meet the new requirement, after which time friendly societies not falling within the Directive will have completed a triennial valuation of its assets and liabilities. The requirement for the auditor’s report is amended accordingly.\nAs a consequence of the offices of the Industrial Assurance Commissioner and the Industrial Assurance Commissioner for Northern Ireland being abolished and the 1992 Act transferring most of the functions of those offices to the Friendly Societies Commission, Regulation 5 provides that references in enactments to those offices are to be construed as references to the Friendly Societies Commission.\nRegulation 6 ensures that information supplied for the purposes of social security in Northern Ireland can be continued to be supplied to friendly societies by including a reference to the Department of Health and Social Services which performs for Northern Ireland this function performed by the Secretary of State in Great Britain.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1995/710/note",
    "retrieved_at": "2026-10-29T13:13:20.350787+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}