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Home > Prudential Regulation Authority > Friendly societies - Forms and guidance
 

Friendly societies - Forms and guidance

Friendly societies are categorised as either 'directive' or 'non-directive', depending on whether they are subject to the EU Life/Non-Life Directives. A friendly society is classified as non-directive if it falls into one of the six categories defined by the Prudential Regulation Authority (PRA) Handbook; otherwise it is classified as a directive friendly society. Directive friendly societies are generally larger than non-directive friendly societies.

Directive friendly societies are treated exactly the same as insurance companies from a regulatory reporting perspective and their reporting requirements are governed by the Integrated Prudential Sourcebook for Insurers, as detailed on the insurance companies page.

For non-directive societies, a valuation return is required in addition to a copy of the annual accounts. The valuation return will differ depending on whether the non-directive society is incorporated or unincorporated under the Friendly Societies Act 1992.

Non-directive incorporated societies are required to submit an annual valuation return on long-term business (FSC1) and a triennial valuation return on general business (FSC3) within six months of their year end.

Non-directive unincorporated societies are required to submit a triennial valuation (FSC2) alongside their annual accounts, within six months of their year end.
 
Finally an FSC4 is required from all non-directive societies in the years between each triennial return, ie in-between FSC2 returns for incorporated societies and in-between FSC3 returns for the general business of incorporated societies.
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