{
  "url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-25",
  "json_url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-25.json",
  "legislation": "uksi/1987/2132",
  "legislation_title": "The Friendly Societies (Long Term Insurance Business) Regulations 1987",
  "legislation_url": "https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987",
  "path": "regulation/25",
  "kind": "regulation",
  "number": "25",
  "heading": "Matching",
  "text": "(1) Where the liabilities of an authorised society in any particular currency exceed 5 per cent of the society’s total liabilities, then subject to paragraphs (2) and (3) below, the society shall hold sufficient assets expressed in or capable of being realised without exchange risk into that currency to cover at least 80 per cent of the society’s liabilities in that currency.\n(2) In so far as the liabilities for property linked benefits are covered by assets which determine the benefits payable under a linked long term contract, paragraph (1) above shall not apply.\n(3) In so far as the liabilities for property linked benefits are determined by reference to assets expressed in or capable of being realised without exchange risk into a currency other than the currency in which the society’s obligations to its member are expressed, those liabilities shall for the purposes of paragraph (1) be deemed to be liabilities in the first-mentioned currency.\n(4) For the purposes of paragraphs (1) and (3) above, an asset is capable of being realised without exchange risk into a currency if it is reasonably capable of being realised into that currency without risk that changes in exchange rates would reduce the cover of liabilities in that currency.\n(5) In this regulation–\n“assets”, except in the case of assets of the kind referred to in regulation 26 below, means assets valued in accordance with Part VI of these Regulations;\n“liabilities” means provision by a society to cover liabilities arising under or in connection with contracts of insurance (not being liabilities relating to insurance business excluded by regulation 27 below).\n“property linked benefits” has the meaning given by regulation 34(1) below.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1987/2132/regulation/25",
    "retrieved_at": "2026-10-29T16:15:26.669038+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}