# The Friendly Societies (Insurance Business) (Amendment) Regulations 1998, Regulation 3: Amendment of the 1994 Regulations

Extent: E+W+S+N.I.

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”.

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Source: https://www.legislation.gov.uk/uksi/1998/3034/regulation/3 (the official version)
Page: https://openlegislation.uk/friendly-societies-insurance-business-amendment-regulations-1998/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.