{
  "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993",
  "json_url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993.json",
  "id": "uksi/1993/98",
  "title": "The Friendly Societies (Insurance Business) Regulations 1993",
  "short_title": "Friendly Societies (Insurance Business) 1993",
  "long_title": "The Friendly Societies Act 1992 (“the 1992 Act”) provides for the establishment of a new type of friendly society, the incorporated friendly society. These Regulations apply to incorporated friendly societies which carry on insurance business. They do not apply to friendly societies which remain registered under the Friendly Societies Act 1974.",
  "citation": "S.I. 1993/98",
  "type": "uksi",
  "year": "1993",
  "number": "98",
  "version": "current",
  "date": "1993-01-21",
  "revised": false,
  "valid_from": null,
  "extent": null,
  "unapplied_effects": 1,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/introduction",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "part/I",
      "kind": "part",
      "number": "I",
      "heading": "PRELIMINARY",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/1",
      "kind": "regulation",
      "number": "1",
      "heading": "Citation and commencement",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-1",
      "extent": null,
      "status": null,
      "parent": "part/I"
    },
    {
      "path": "regulation/2",
      "kind": "regulation",
      "number": "2",
      "heading": "Interpretation: general",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-2",
      "extent": null,
      "status": null,
      "parent": "part/I"
    },
    {
      "path": "part/II",
      "kind": "part",
      "number": "II",
      "heading": "MARGINS OF SOLVENCY",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/3",
      "kind": "regulation",
      "number": "3",
      "heading": "Application: Part II",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-3",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/4",
      "kind": "regulation",
      "number": "4",
      "heading": "Required margin of solvency",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-4",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/5",
      "kind": "regulation",
      "number": "5",
      "heading": "Guarantee fund and minimum guarantee fund",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-5",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/6",
      "kind": "regulation",
      "number": "6",
      "heading": "Minimum guarantee fund: long term business",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-6",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/7",
      "kind": "regulation",
      "number": "7",
      "heading": "Minimum guarantee fund: general business",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-7",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/8",
      "kind": "regulation",
      "number": "8",
      "heading": "Valuation of solvency margins",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-8",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/9",
      "kind": "regulation",
      "number": "9",
      "heading": "Implicit items: future surpluses",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-9",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/10",
      "kind": "regulation",
      "number": "10",
      "heading": "Implicit items: zillmerising",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-10",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/11",
      "kind": "regulation",
      "number": "11",
      "heading": "Implicit items: hidden reserves",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-11",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "part/III",
      "kind": "part",
      "number": "III",
      "heading": "MATCHING AND LOCALISATION",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/12",
      "kind": "regulation",
      "number": "12",
      "heading": "Application: Part III",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-12",
      "extent": null,
      "status": null,
      "parent": "part/III"
    },
    {
      "path": "regulation/13",
      "kind": "regulation",
      "number": "13",
      "heading": "Matching: general requirement",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-13",
      "extent": null,
      "status": null,
      "parent": "part/III"
    },
    {
      "path": "regulation/14",
      "kind": "regulation",
      "number": "14",
      "heading": "Matching: property linked benefits",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-14",
      "extent": null,
      "status": null,
      "parent": "part/III"
    },
    {
      "path": "regulation/15",
      "kind": "regulation",
      "number": "15",
      "heading": "Matching: currency of general business liabilities",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-15",
      "extent": null,
      "status": null,
      "parent": "part/III"
    },
    {
      "path": "regulation/16",
      "kind": "regulation",
      "number": "16",
      "heading": "Matching: exception for certain general business liabilities",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-16",
      "extent": null,
      "status": null,
      "parent": "part/III"
    },
    {
      "path": "regulation/17",
      "kind": "regulation",
      "number": "17",
      "heading": "Localisation",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-17",
      "extent": null,
      "status": null,
      "parent": "part/III"
    },
    {
      "path": "regulation/18",
      "kind": "regulation",
      "number": "18",
      "heading": "Exclusions from regulations 13 and 17",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-18",
      "extent": null,
      "status": null,
      "parent": "part/III"
    },
    {
      "path": "part/IV",
      "kind": "part",
      "number": "IV",
      "heading": "VALUATION OF ASSETS",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/19",
      "kind": "regulation",
      "number": "19",
      "heading": "Interpretation: Part IV",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-19",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/20",
      "kind": "regulation",
      "number": "20",
      "heading": "Application: Part IV",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-20",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/21",
      "kind": "regulation",
      "number": "21",
      "heading": "Shares in and debts due or to become due from dependants",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-21",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/22",
      "kind": "regulation",
      "number": "22",
      "heading": "Valuation of assets and liabilities of dependants for the purposes of regulation 21",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-22",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/23",
      "kind": "regulation",
      "number": "23",
      "heading": "Debts and other rights",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-23",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/24",
      "kind": "regulation",
      "number": "24",
      "heading": "Land",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-24",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/25",
      "kind": "regulation",
      "number": "25",
      "heading": "Equipment",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-25",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/26",
      "kind": "regulation",
      "number": "26",
      "heading": "Unlisted securities",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-26",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/27",
      "kind": "regulation",
      "number": "27",
      "heading": "Unit trusts",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-27",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/28",
      "kind": "regulation",
      "number": "28",
      "heading": "Listed Investments",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-28",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/29",
      "kind": "regulation",
      "number": "29",
      "heading": "Life interests, reversionary interests etc",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-29",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/30",
      "kind": "regulation",
      "number": "30",
      "heading": "Other assets",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-30",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "regulation/31",
      "kind": "regulation",
      "number": "31",
      "heading": "Assets to be taken into account only to a specified extent",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-31",
      "extent": null,
      "status": null,
      "parent": "part/IV"
    },
    {
      "path": "part/V",
      "kind": "part",
      "number": "V",
      "heading": "DETERMINATION OF LIABILITIES",
      "url": null,
      "extent": null,
      "status": null,
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    },
    {
      "path": "regulation/32",
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      "heading": "Interpretation: Part V",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-32",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/33",
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      "heading": "Application: Part V",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-33",
      "extent": null,
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      "parent": "part/V"
    },
    {
      "path": "regulation/34",
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      "heading": "Long term and general business",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-34",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/35",
      "kind": "regulation",
      "number": "35",
      "heading": "Long term liabilities",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-35",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/36",
      "kind": "regulation",
      "number": "36",
      "heading": "Nature and term of assets",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-36",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/37",
      "kind": "regulation",
      "number": "37",
      "heading": "Avoidance of future valuation strain",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-37",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/38",
      "kind": "regulation",
      "number": "38",
      "heading": "Valuation of future premiums",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-38",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/39",
      "kind": "regulation",
      "number": "39",
      "heading": "Acquisition expenses",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-39",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/40",
      "kind": "regulation",
      "number": "40",
      "heading": "Rates of interest",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-40",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/41",
      "kind": "regulation",
      "number": "41",
      "heading": "Rates of mortality and disability",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-41",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/42",
      "kind": "regulation",
      "number": "42",
      "heading": "Expenses",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-42",
      "extent": null,
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      "parent": "part/V"
    },
    {
      "path": "regulation/43",
      "kind": "regulation",
      "number": "43",
      "heading": "Options",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-43",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/44",
      "kind": "regulation",
      "number": "44",
      "heading": "Contracts not to be treated as assets",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-44",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "regulation/45",
      "kind": "regulation",
      "number": "45",
      "heading": "No credit for profits from voluntary discontinuance",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-45",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "part/VI",
      "kind": "part",
      "number": "VI",
      "heading": "LINKED LONG TERM CONTRACTS",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/46",
      "kind": "regulation",
      "number": "46",
      "heading": "Application: Part VI",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-46",
      "extent": null,
      "status": null,
      "parent": "part/VI"
    },
    {
      "path": "regulation/47",
      "kind": "regulation",
      "number": "47",
      "heading": "Linked long term contracts",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-47",
      "extent": null,
      "status": null,
      "parent": "part/VI"
    },
    {
      "path": "part/VII",
      "kind": "part",
      "number": "VII",
      "heading": "MISCELLANEOUS",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/48",
      "kind": "regulation",
      "number": "48",
      "heading": "Annual actuarial investigation: prescribed societies",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-48",
      "extent": null,
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    },
    {
      "path": "regulation/49",
      "kind": "regulation",
      "number": "49",
      "heading": "Annual investigation: signature of copy of abstract",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/regulation-49",
      "extent": null,
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      "parent": "part/VII"
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/signature",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "schedule/1",
      "kind": "schedule",
      "number": "1",
      "heading": "LONG TERM BUSINESS MARGIN OF SOLVENCY",
      "url": null,
      "extent": null,
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    },
    {
      "path": "schedule/1/paragraph/1",
      "kind": "paragraph",
      "number": "1",
      "heading": "Long term classes I and II",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/schedule-1/paragraph-1",
      "extent": null,
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      "parent": "schedule/1"
    },
    {
      "path": "schedule/1/paragraph/2",
      "kind": "paragraph",
      "number": "2",
      "heading": "Long term classes III and VII",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/schedule-1/paragraph-2",
      "extent": null,
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    },
    {
      "path": "schedule/1/paragraph/3",
      "kind": "paragraph",
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      "heading": "Long term classes IV and VI",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/schedule-1/paragraph-3",
      "extent": null,
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    },
    {
      "path": "schedule/1/paragraph/4",
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      "number": "4",
      "heading": "Long term class V",
      "url": "https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/schedule-1/paragraph-4",
      "extent": null,
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      "parent": "schedule/1"
    },
    {
      "path": "schedule/2",
      "kind": "schedule",
      "number": "2",
      "heading": "GENERAL BUSINESS SOLVENCY MARGIN: FIRST METHOD OF CALCULATION (PREMIUM BASIS)",
      "url": null,
      "extent": null,
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    },
    {
      "path": "schedule/2/paragraph/1",
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      "path": "schedule/2/paragraph/2",
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    {
      "path": "schedule/2/paragraph/3",
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    {
      "path": "schedule/2/paragraph/4",
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      "path": "schedule/2/paragraph/6",
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    {
      "path": "schedule/2/paragraph/7",
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