# The Friendly Societies (Life Assurance Premium Relief) Regulations 1977, Paragraph 5


Subsection (3) of section 56 of the Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951, as it applies to a friendly society contract of which the sum assured or guaranteed has been increased under regulations 5 or 6 and which is a contract for the whole term of life, shall have effect as if it provided that the terms of the contract shall be varied in accordance with the following provisions—
(a) The relevant arrears shall be extinguished by a reduction of the sum assured or guaranteed under the contract, the amount of the reduction to be such an amount as shall be determined by an actuary.
(b) The friendly society shall at the time for writing off give written notice to the member insured under the contract of the amount of the reduction so determined.
(c) The member may, within six months of receiving such notice, appeal to the Chief Registrar of Friendly Societies on the ground that such reduction is not fair in relation to the amount of the extinguished relevant arrears.
(d) If on such appeal, and after giving the member and the society an opportunity of being heard, the Chief Registrar of Friendly Societies is satisfied that the reduction is not fair, he may direct the society to make such increase as he may consider appropriate in the sum assured or guaranteed to which the appeal relates.

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Source: https://www.legislation.gov.uk/uksi/1977/1143/schedule/3/paragraph/5 (the official version)
Page: https://openlegislation.uk/friendly-societies-life-assurance-premium-relief-regulations-1977/schedule-3/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.