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| Exercise of powers through Council. |
288. - (1) The Authority may, instead of exercising a power conferred on it by section 286, direct the Society (acting through the Council) to exercise a power of its own with a view to bringing about the result intended by the Authority.
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(2) A direction may also be given under subsection (1) in respect of managing agents or members' agents as if they were among the persons mentioned in section 286(1).
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(3) A direction under this section-
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(a) does not, at any time, prevent the exercise by the Authority of any of its powers; |
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(b) is subject to the same requirements as are applied to an insurance market direction by section 286(4). |
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Former underwriting members |
| Former underwriting members. |
289. - (1) "A former underwriting member" means a person ceasing to be an underwriting member of the Society on, or at any time after, 24 December 1996.
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(2) A former underwriting member is an authorised person.
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(3) Section 30 applies to a former underwriting member as if he were authorised as a result of a Part IV permission.
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(4) A former underwriting member-
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(a) has permission to carry out each contract of insurance that he has underwritten at Lloyd's (without that affecting his right to make an application under Part IV); but |
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(b) need be issued with a certificate of authorisation only if he receives an additional permission under Part IV. |
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Supplemental |
| Interpretation of this Part. |
290. - (1) In this Part-
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"arranging deals", in relation to the investments to which this Part applies, has the same meaning as in paragraph 3 of Schedule 2; and |
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"participation in Lloyd's syndicates", in relation to the secondary market activity, means the investment described in sub-paragraph (1) of paragraph 21 of Schedule 2. |
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(2) A term used in this Part which is defined in Lloyd's Act 1982 has the same meaning as in that Act.
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