# The Friendly Societies (Long Term Insurance Business) Regulations 1987, Regulation 35: Application: Part VI


(1) Subject to paragraph (2) below, this Part of these Regulations applies with respect to the determination of the value of assets of societies for the purposes of the annual valuation report.
(2) Where a society has entered into any contracts providing for the payment of property linked benefits, Regulations 36 to 44 of these Regulations shall not apply, and the value of any linked asset by reference to the value of which those benefits are to be determined shall be the value of that asset as determined in accordance with generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate for insurance business.
(3) Any asset to which this Part of these Regulations applies (other than cash) for the valuation of which no provision is made in this Part of these Regulations shall be left out of account for the purposes specified in paragraph (1) above.
(4) Where in accordance with this Part of these Regulations the value of any asset is to be not greater than any specified amount and, in all the circumstances of the case, it appears that the asset is of a lesser value than that amount, such lesser value shall be the value of the asset.
(5) Notwithstanding paragraph (1) above (but subject to the conditions set out in paragraph (6) below), a society may elect to assign to any of its assets the value given to the asset in question in the books or other records of the society.
(6) The conditions referred to in paragraph (5) above are–
(a) that the election shall not enable the society to bring into account any asset for the valuation of which no provision is made in this Part of these Regulations;
(b) that the value assigned to the aggregate of the assets shall not be higher than the aggregate of the value of those assets as determined in accordance with regulations 36 to 44 of these Regulations.

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Source: https://www.legislation.gov.uk/uksi/1987/2132/regulation/35 (the official version)
Page: https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-35
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.