Financial Services and Markets Bill - continued        House of Commons
PART XVIII, LLOYD'S - continued
Power to apply Act to Lloyd's underwriting - continued

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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.
      (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).
      (3) A direction under this section-
    (a) does not, at any time, prevent the exercise by the Authority of any of its powers;
    (b) is subject to the same requirements as are applied to an insurance market direction by section 286(4).
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.
      (2) A former underwriting member is an authorised person.
      (3) Section 30 applies to a former underwriting member as if he were authorised as a result of a Part IV permission.
      (4) A former underwriting member-
    (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
    (b) need be issued with a certificate of authorisation only if he receives an additional permission under Part IV.
Interpretation of this Part.     290. - (1) In this Part-
    "arranging deals", in relation to the investments to which this Part applies, has the same meaning as in paragraph 3 of Schedule 2; and
    "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.
      (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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Prepared 18 November 1999