LAM17130 | BLAGAB or eligible PHI business - FA12/160 statutory declarations: FA12/S162

In order to allow friendly societies to ensure they are operating within the limits discussed in this chapter, FA12/S162 specifies that a friendly society, registered branch or insurance company may require a person to make and sign a statutory declaration:

(a) that the total amount assured under outstanding contracts entered into by that person with any one or more friendly societies, registered branches or insurance companies (taken together) does not exceed the limits set out in FA12/S160, and

(b) that the total premiums under those contracts do not exceed those limits.