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Term Definition Legal instruments

business amount

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE FRIENDLY SOCIETY - ASSET VALUATION PART

means:

(1) for a friendly society carrying on only general insurance business, the general insurance business amount;

(2) for a friendly society carrying on only long-term insurance business, the long-term insurance business amount; and

(3) for a friendly society carrying on both general insurance business and long-term insurance business, in the case of its general insurance business assets, the general insurance business amount and in the case of its long-term insurance business assets, the long-term insurance business amount.