{
  "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987",
  "json_url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987.json",
  "id": "uksi/1987/2132",
  "title": "The Friendly Societies (Long Term Insurance Business) Regulations 1987",
  "short_title": "Friendly Societies (Long Term Insurance Business) 1987",
  "long_title": "These Regulations implement for friendly societies the relevant provisions of the First Council Directive on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance (79/267/EEC), referred to in this Note as “the Life Directive”. The Life Directive affects both insurance companies and (simplifying for the sake of brevity) friendly societies with an annual contribution income from life insurance business of at least 500,000 ECUs, the sterling equivalent of which for 1988 is £345,308 (calculated as from 31 December each year according to the value of the ECU at the end of October in that year). The Life Directive was implemented for insurance companies by primary legislation, now the Insurance Companies Act 1982, and by subordinate legislation, now the Insurance Companies Regulations 1981 (S.I. 1981/1654) and the Insurance Companies (Accounts and Statements) Regulations 1983 (S.I. 1983/1811), as amended.",
  "citation": "S.I. 1987/2132",
  "type": "uksi",
  "year": "1987",
  "number": "2132",
  "version": "current",
  "date": "1987-12-10",
  "revised": false,
  "valid_from": null,
  "extent": null,
  "unapplied_effects": 3,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/introduction",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "part/I",
      "kind": "part",
      "number": "I",
      "heading": "PRELIMINARY",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/1",
      "kind": "regulation",
      "number": "1",
      "heading": "Citation and commencement",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-1",
      "extent": null,
      "status": null,
      "parent": "part/I"
    },
    {
      "path": "regulation/2",
      "kind": "regulation",
      "number": "2",
      "heading": "Interpretation—general",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-2",
      "extent": null,
      "status": null,
      "parent": "part/I"
    },
    {
      "path": "regulation/3",
      "kind": "regulation",
      "number": "3",
      "heading": "Application",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-3",
      "extent": null,
      "status": null,
      "parent": "part/I"
    },
    {
      "path": "part/II",
      "kind": "part",
      "number": "II",
      "heading": "AUTHORISATION",
      "url": null,
      "extent": null,
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    },
    {
      "path": "regulation/4",
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      "number": "4",
      "heading": "Restrictions on carrying on business",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-4",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/5",
      "kind": "regulation",
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      "heading": "Authorisation of existing societies",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-5",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/6",
      "kind": "regulation",
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      "heading": "Authorisation of new societies",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-6",
      "extent": null,
      "status": null,
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    },
    {
      "path": "regulation/7",
      "kind": "regulation",
      "number": "7",
      "heading": "Time for decision on application under regulation 6",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-7",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "regulation/8",
      "kind": "regulation",
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      "heading": "Scope of authorisation",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-8",
      "extent": null,
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    {
      "path": "regulation/9",
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      "heading": "Extension of authorisation",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-9",
      "extent": null,
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    },
    {
      "path": "regulation/10",
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      "heading": "Refusal of authorisation",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-10",
      "extent": null,
      "status": null,
      "parent": "part/II"
    },
    {
      "path": "part/III",
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      "number": "III",
      "heading": "REGULATION OF AUTHORISED SOCIETIES",
      "url": null,
      "extent": null,
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    },
    {
      "path": "part/III/crossheading/solvency-provisions",
      "kind": "crossheading",
      "number": null,
      "heading": "Solvency Provisions",
      "url": null,
      "extent": null,
      "status": null,
      "parent": "part/III"
    },
    {
      "path": "regulation/11",
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      "number": "11",
      "heading": "Annual actuarial investigation",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-11",
      "extent": null,
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    },
    {
      "path": "regulation/12",
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      "number": "12",
      "heading": "Required margin of solvency",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-12",
      "extent": null,
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    {
      "path": "regulation/13",
      "kind": "regulation",
      "number": "13",
      "heading": "Long term classes I and II",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-13",
      "extent": null,
      "status": null,
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    },
    {
      "path": "regulation/14",
      "kind": "regulation",
      "number": "14",
      "heading": "Long term classes III and VII",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-14",
      "extent": null,
      "status": null,
      "parent": "part/III/crossheading/solvency-provisions"
    },
    {
      "path": "regulation/15",
      "kind": "regulation",
      "number": "15",
      "heading": "Long term classes IV and VI",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-15",
      "extent": null,
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      "parent": "part/III/crossheading/solvency-provisions"
    },
    {
      "path": "regulation/16",
      "kind": "regulation",
      "number": "16",
      "heading": "Long term class V",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-16",
      "extent": null,
      "status": null,
      "parent": "part/III/crossheading/solvency-provisions"
    },
    {
      "path": "regulation/17",
      "kind": "regulation",
      "number": "17",
      "heading": "Supplementary business",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-17",
      "extent": null,
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      "parent": "part/III/crossheading/solvency-provisions"
    },
    {
      "path": "regulation/18",
      "kind": "regulation",
      "number": "18",
      "heading": "Aggregation where more than one margin of solvency",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-18",
      "extent": null,
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      "parent": "part/III/crossheading/solvency-provisions"
    },
    {
      "path": "regulation/19",
      "kind": "regulation",
      "number": "19",
      "heading": "Guarantee fund and minimum guarantee fund",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-19",
      "extent": null,
      "status": null,
      "parent": "part/III/crossheading/solvency-provisions"
    },
    {
      "path": "regulation/20",
      "kind": "regulation",
      "number": "20",
      "heading": "Minimum guarantee fund",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-20",
      "extent": null,
      "status": null,
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    {
      "path": "regulation/21",
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      "number": "21",
      "heading": "Valuation of solvency margins",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-21",
      "extent": null,
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    },
    {
      "path": "regulation/22",
      "kind": "regulation",
      "number": "22",
      "heading": "Implicit items: future surpluses",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-22",
      "extent": null,
      "status": null,
      "parent": "part/III/crossheading/solvency-provisions"
    },
    {
      "path": "regulation/23",
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      "number": "23",
      "heading": "Implicit items: zillmerising",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-23",
      "extent": null,
      "status": null,
      "parent": "part/III/crossheading/solvency-provisions"
    },
    {
      "path": "regulation/24",
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      "number": "24",
      "heading": "Implicit items: hidden reserves",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-24",
      "extent": null,
      "status": null,
      "parent": "part/III/crossheading/solvency-provisions"
    },
    {
      "path": "part/III/crossheading/matching-and-localisation",
      "kind": "crossheading",
      "number": null,
      "heading": "Matching and localisation",
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    },
    {
      "path": "regulation/25",
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      "heading": "Matching",
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      "path": "regulation/26",
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    {
      "path": "regulation/27",
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      "number": "27",
      "heading": "Exclusion",
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      "extent": null,
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    },
    {
      "path": "part/III/crossheading/partial-transfers",
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      "heading": "Partial transfers",
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      "parent": "part/III"
    },
    {
      "path": "regulation/28",
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      "heading": "Transfer of part of long term business",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-28",
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    {
      "path": "part/III/crossheading/investment",
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      "path": "regulation/29",
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      "heading": "Investments of authorised societies",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-29",
      "extent": null,
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      "path": "part/IV",
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      "heading": "Restoration plan",
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      "extent": null,
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    },
    {
      "path": "regulation/31",
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      "number": "31",
      "heading": "Short-term Financial Scheme",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-31",
      "extent": null,
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      "parent": "part/IV"
    },
    {
      "path": "part/V",
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      "heading": "WITHDRAWAL OF AUTHORISATION",
      "url": null,
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    },
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      "path": "regulation/32",
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      "heading": "Withdrawal of authorisation in respect of new business",
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      "extent": null,
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    },
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      "path": "regulation/33",
      "kind": "regulation",
      "number": "33",
      "heading": "Procedure on Withdrawal",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-33",
      "extent": null,
      "status": null,
      "parent": "part/V"
    },
    {
      "path": "part/VI",
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      "number": "VI",
      "heading": "VALUATION OF ASSETS",
      "url": null,
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      "status": null,
      "parent": null
    },
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      "path": "regulation/34",
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      "heading": "Interpretation: Part VI",
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      "extent": null,
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      "parent": "part/VI"
    },
    {
      "path": "regulation/35",
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      "heading": "Application: Part VI",
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    },
    {
      "path": "regulation/36",
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      "heading": "Debts and other rights",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-36",
      "extent": null,
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    },
    {
      "path": "regulation/37",
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      "number": "37",
      "heading": "Land",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-37",
      "extent": null,
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    },
    {
      "path": "regulation/38",
      "kind": "regulation",
      "number": "38",
      "heading": "Equipment",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-38",
      "extent": null,
      "status": null,
      "parent": "part/VI"
    },
    {
      "path": "regulation/39",
      "kind": "regulation",
      "number": "39",
      "heading": "Unlisted securities",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-39",
      "extent": null,
      "status": null,
      "parent": "part/VI"
    },
    {
      "path": "regulation/40",
      "kind": "regulation",
      "number": "40",
      "heading": "Unit trusts",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-40",
      "extent": null,
      "status": null,
      "parent": "part/VI"
    },
    {
      "path": "regulation/41",
      "kind": "regulation",
      "number": "41",
      "heading": "Listed Investments",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-41",
      "extent": null,
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      "parent": "part/VI"
    },
    {
      "path": "regulation/42",
      "kind": "regulation",
      "number": "42",
      "heading": "Life interests, reversionary interests etc",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-42",
      "extent": null,
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    },
    {
      "path": "regulation/43",
      "kind": "regulation",
      "number": "43",
      "heading": "Other assets",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-43",
      "extent": null,
      "status": null,
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    },
    {
      "path": "regulation/44",
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      "number": "44",
      "heading": "Assets to be taken into account only to a specified extent",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-44",
      "extent": null,
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      "parent": "part/VI"
    },
    {
      "path": "part/VII",
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      "number": "VII",
      "heading": "DETERMINATION OF LIABILITIES",
      "url": null,
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    },
    {
      "path": "regulation/45",
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      "heading": "Interpretation: Part VII",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-45",
      "extent": null,
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      "parent": "part/VII"
    },
    {
      "path": "regulation/46",
      "kind": "regulation",
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      "heading": "Application: Part VII",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-46",
      "extent": null,
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      "parent": "part/VII"
    },
    {
      "path": "regulation/47",
      "kind": "regulation",
      "number": "47",
      "heading": "General",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-47",
      "extent": null,
      "status": null,
      "parent": "part/VII"
    },
    {
      "path": "regulation/48",
      "kind": "regulation",
      "number": "48",
      "heading": "Long term liabilities",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-48",
      "extent": null,
      "status": null,
      "parent": "part/VII"
    },
    {
      "path": "regulation/49",
      "kind": "regulation",
      "number": "49",
      "heading": "Nature and determination of assets",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-49",
      "extent": null,
      "status": null,
      "parent": "part/VII"
    },
    {
      "path": "regulation/50",
      "kind": "regulation",
      "number": "50",
      "heading": "Avoidance of future valuation strain",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-50",
      "extent": null,
      "status": null,
      "parent": "part/VII"
    },
    {
      "path": "regulation/51",
      "kind": "regulation",
      "number": "51",
      "heading": "Valuation of future premiums",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-51",
      "extent": null,
      "status": null,
      "parent": "part/VII"
    },
    {
      "path": "regulation/52",
      "kind": "regulation",
      "number": "52",
      "heading": "Acquisition expenses",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-52",
      "extent": null,
      "status": null,
      "parent": "part/VII"
    },
    {
      "path": "regulation/53",
      "kind": "regulation",
      "number": "53",
      "heading": "Rates of interest",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-53",
      "extent": null,
      "status": null,
      "parent": "part/VII"
    },
    {
      "path": "regulation/54",
      "kind": "regulation",
      "number": "54",
      "heading": "Rates of mortality and disability",
      "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-54",
      "extent": null,
      "status": null,
      "parent": "part/VII"
    },
    {
      "path": "regulation/55",
      "kind": "regulation",
      "number": "55",
      "heading": "Expenses",
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