The Insurance Companies (Transfer of Long Term Business) Regulations 1990
These Regulations provide that where there is a transfer of long term business from an insurance company authorised under the Insurance Companies Act 1982 to a friendly society authorised under Friendly Societies (Long Term Insurance Business) Regulations 1987, section 49 of the Insurance Companies Act 1982 shall apply withthe adaptations set out in regulation 2. In providing for these adaptations these Regulations give further effect to Article 25 of Council Directive 79/267/EEC dated 5 March 1979 (O. J. No. L63, 13.3.79, p.1) relating to the taking-up and pursuit of the business of direct life assurance.