The Friendly Societies (Long Term Insurance Business) Regulations 1987
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.