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Application provision

3.1 This Chapter only applies to an incorporated friendly society.

3.1

01/01/2016

This Chapter only applies to an incorporated friendly society.

3.2

01/01/2016

A firm must, in relation to any long-term insurance business, ensure that:

  1. (1) the assets representing the funds maintained by the firm in respect of its long-term insurance business are only applied for the purposes of that business; and
  2. (2) adequate arrangements are in place for ensuring that transactions affecting the assets of the firm do not operate unfairly between the assets representing the funds maintained by the firm in respect of its long-term insurance business and the other assets of the firm.