
1 
These Regulations may be cited as the Friendly Societies (Insurance Business) (Amendment) Regulations 1998, and shall come into force on the 1st January 1999.
2 
In these Regulations, “the 1994 Regulations” means the Friendly Societies (Insurance Business) Regulations 1994.
3 
The 1994 Regulations are hereby amended as follows:
(a) regulation 16 shall be replaced by the following regulation:“
16 
A society need not cover its liabilities by assets in a particular currency if those assets would amount to 7 per cent. or less of the remainder of its assets in other currencies.”; and
(b) in regulation 19(1), in the definition of “approved financial institution”, there shall be inserted, before “the central bank of an EEA State”, “the European Central Bank”.
In witness whereof the common seal of the Friendly Societies Commission is hereunto fixed, and is authenticated by me, a person authorised under paragraph 13 of Schedule 1 to the Friendly Societies Act 1992, on
Bosco D'Silva
7th December 1998.We consent to these Regulations.
Bob Ainsworth
Clive Betts
Two of the Lords Commissioners of Her Majesty’s Treasury
11th December 1998