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Application provision

1.1 Unless otherwise stated, this Part applies to a non-directive friendly society.

6.1

01/01/2016

Subject to 6.2, the minimum guarantee fund for long-term insurance business is the amount in column 2 of the following table, which corresponds to the firm’s highest annual contribution income in respect of that business in any preceding financial year, as shown in column 1 of the table:

Contribution income (in UK sterling)Minimum guarantee fund (in UK sterling)
800,000 90,000
800,001 - 1,200,000 185,000
1,200,001 – 1,600,000 280,000
1,600,001 – 2,000,000 370,000
2,000,001 – 2,400,000 470,000
2,400,001 or more 560,000

6.2

01/01/2016

If a firm has not been in existence long enough to have a preceding financial year, the minimum guarantee fund for long-term insurance business is £90,000.