Regulation 14 Matching: property linked benefits

In so far as the liabilities for property linked benefits and index linked benefits are covered by assets which determine the benefits payable under a linked long term contract, regulation 13 above does not apply.

In so far as the liabilities for property linked benefits are determined by reference to assets in a currency other than that in which the society’s obligations to the policyholder are expressed, those liabilities shall for the purposes of regulation 13 be deemed to be liabilities in the first-mentioned currency.

In this regulation “property linked benefits” and “index linked benefits” have the meanings given by regulation 19(1) below.