Regulation 23 Debts and other rights
The value of any secured debt due, or to become due, to a society, other than a debt to which regulation 21(3) above, paragraph (2), (3) or (6) of this regulation applies, shall be the amount which can reasonably be expected to be recovered in respect of that debt (due account being taken of the nature and quality of the security).
Any debt due, or to become due, to a society under a letter of credit shall be left out of account for the purposes of this Part of these Regulations.
In the case of long term business carried on by a society, the value of any debt due, or to become due, to the society which is secured on a policy of insurance issued by the society and which (together with any other debt secured on that policy) does not exceed the amount payable on a surrender of that policy at the relevant date shall be the amount of that debt.
The value of any unsecured debt due, or to become due, to a society, other than a debt to which regulation 21(3) above, paragraph (5) or (6) of this regulation or regulation 28 or 32 applies, shall be—
in the case of any such debt which is due, or will become due, within twelve months of the relevant date (including any debt which would become due within that period if the society were to exercise any right to which it is entitled to require payment of the same), the amount which can reasonably be expected to be recovered in respect of that debt (due account being taken of the terms and conditions for payment thereof); and
in the case of any other such debt, the amount which would reasonably be paid by way of consideration for an immediate assignment of the debt (due account being taken of the terms and conditions for payment thereof).
The value of any debt due to, or other rights of, the society under any contract of reinsurance to which the society is a party (other than a debt to which regulation 21(3) above applies) shall be the amount which can reasonably be expected to be recovered in respect of that debt or right.
Any debt due or to become due to the society—
from an intermediary in respect of money advanced on account of commission to which that intermediary is not absolutely entitled at the relevant date; or
which is a debt to which paragraph (7) or (8) below applies,
shall be left out of account for the purposes for which this Part of these Regulations applies.
This paragraph shall apply to a debt which is a debt owed in respect of premiums (due account being taken of rebates, refunds and commissions payable) which is recorded in the society’s accounting records as due and payable and has been outstanding for more than three months.
This paragraph shall apply to a debt arising under a contract which, wholly or in part, has the equivalent effect to a derivative contract to which regulation 30(3) does not apply.
The value of any right of a society to have identical securities transferred to it under a stock lending transaction shall be calculated as if the right was a debt owed to the society in respect of the value of the securities to be transferred to it.