# The Friendly Societies (Insurance Business) Regulations 1994, Paragraph 8


For the purposes of paragraph 7 above, the necessary conditions are as follows, that is to say—
(a) the gross premiums receivable shall be calculated on the basis of sickness tables appropriate to insurance business;
(b) the reserves shall include provision for increasing age;
(c) an additional premium shall be collected in order to set up a safety margin of an appropriate amount;
(d) it shall not be possible for the society to cancel the contract after the end of the third year of insurance;
(e) the contract shall provide for the possibility of increasing premiums or reducing payments during its currency.

---
Source: https://www.legislation.gov.uk/uksi/1994/1981/schedule/2/paragraph/8 (the official version)
Page: https://openlegislation.uk/friendly-societies-insurance-business-regulations-1994/schedule-2/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.