Prudential Regulation Authority Rulebook

3.1

Where a firm has entered into any contracts for the payment of property-linked benefits, 4 to 17 do not apply with respect to the determination of the value of the linked assets to the extent that they are held in compliance with the requirements of Friendly Society - Financial Prudence 2.3 to match liabilities in respect of such benefits under such contracts and the value of such assets must be determined in accordance with generally accepted accounting practice or other generally accepted methods appropriate for insurance business.