Two new regulations of relevance to the UK insurance industry will come in to force in the UK on 31 December 2012. These regulations are the Insurance Companies (Transitional Provisions) Regulations 2012 and the Friendly Societies (Modifications of the Tax Acts) Regulations 2012. They have been introduced following the enactment of the UK’s Finance Act 2012 which altered the manner in which life assurance companies and friendly societies are to be taxed. These new regulations set out the manner in which the Corporation Taxes Act will now apply to life assurance companies and friendly societies and how any exemptions to such application will operate.