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Former underwriting members |
| Former underwriting members. |
295. - (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 may carry out each contract of insurance that he has underwritten at Lloyd's whether or not he is an authorised person.
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(3) If he is an authorised person, any Part IV permission that he has does not extend to his activities in carrying out any of those contracts.
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(4) The Authority may impose on a former underwriting member such requirements as appear to it to be appropriate for the purpose of protecting policyholders against the risk that he may not be able to meet his liabilities.
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(5) A person on whom a requirement is imposed may refer the the matter to the Tribunal.
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| Requirements imposed under section 295. |
296. - (1) A requirement imposed under section 295 takes effect-
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(a) immediately, if the notice given under subsection (2) states that that is the case; |
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(b) in any other case, on such date as may be specified in that notice. |
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(2) If the Authority proposes to impose a requirement on a former underwriting member ("A") under section 295, or imposes such a requirement on him which takes effect immediately, it must give him written notice.
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(3) The notice must-
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(a) give details of the requirement; |
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(b) state the Authority's reasons for imposing it; |
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(c) inform A that he may make representations to the Authority within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal); |
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(d) inform him of the date on which the requirement took effect or will take effect; and |
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(e) inform him of his right to refer the matter to the Tribunal. |
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(4) If, having considered any representations made by A, the Authority decides-
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(a) to impose the proposed requirement, or |
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(b) if it has been imposed, not to revoke it, |
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it must give him written notice.
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(5) If the Authority decides-
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(a) not to impose a proposed requirement, or |
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(b) to revoke a requirement that has been imposed, |
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it must give A written notice.
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(6) If the Authority proposes to refuse an application by A for the variation or revocation of a requirement it must give him a warning notice.
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(7) The Authority, having considered any representations made in response to the warning notice, must give A written notice of its decision on the application.
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(8) A notice given under-
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(b) subsection (7) in the case of a decision to refuse the application, |
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must inform A of his right to refer the matter to the Tribunal.
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Supplemental |
| Interpretation of this Part. |
297. - (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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