# The Friendly Societies (Insurance Business) Regulations 1994, Regulation 16: Matching: exception for certain liabilities


(1) Subject to paragraphs (2) and (3) below, 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.
(2) During the period until 31st December 1998, paragraph (1) has effect in relation to general business liabilities required to be covered by assets in Greek drachmas, Irish pounds or Portuguese escudos as if the amount of 2 million ECU, if less than the percentage mentioned in that paragraph, were substituted for that percentage.
(3) During the period until 31st December 1996, paragraph (1) has effect in relation to general business liabilities required to be covered by assets in Belgian francs, Luxembourg francs or Spanish pesetas as if the amount of 2 million ECU, if less than the percentage mentioned in that paragraph, were substituted for that percentage.

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Source: https://www.legislation.gov.uk/uksi/1994/1981/regulation/16 (the official version)
Page: https://openlegislation.uk/friendly-societies-insurance-business-regulations-1994/regulation-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.