# The Friendly Societies (Insurance Business) Regulations 1993, Paragraph 2


If a society has not been in existence long enough to acquire a reference period, this Schedule shall be deemed to give a lower result than that given by Schedule 2 and shall otherwise not apply to the society.

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Source: https://www.legislation.gov.uk/uksi/1993/98/schedule/3/paragraph/2 (the official version)
Page: https://openlegislation.uk/friendly-societies-insurance-business-regulations-1993/schedule-3/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.