Part

LLD Lloyd's

Chapter

Society's regulatory functions

Printed on: 08/01/2025

Rulebook at: 01/12/2004

LLD 1

Society's regulatory functions

LLD 1.1

Application and purpose

  • 01/12/2004

Application

LLD 1.1.1

handbook-guidance
The guidance in this chapter is relevant to the Society.
  • 01/12/2004

Purpose

LLD 1.1.2

handbook-guidance

The guidance in this chapter is intended to:

  1. (1) promote confidence in the market at Lloyd's by ensuring that it is appropriately and effectively regulated by the Society and the Council and those to whom the Council delegates the Society's regulatory functions;
  2. (2) protect policyholders and members; and
  3. (3) enable the FSA to use its resources in an efficient and effective way when regulating underwriting agents, and approved persons acting for or on behalf of those agents, by making it possible for the FSA to rely on the Society and the Council to carry out certain functions on behalf of the FSA or otherwise.
  • 01/12/2004

LLD 1.2

Carrying out the Society's regulatory functions

  • 01/12/2004

Delegation

LLD 1.2.2

handbook-guidance

The Council should:

  1. (1) approve and record the delegation referred to in LLD 1.2.1 G; and
  2. (2) review it at least once each year.
  • 01/12/2004

LLD 1.2.3

handbook-guidance
The terms and limits of any delegation of authority referred to in LLD 1.2.1 G should be made clear to those to whom that authority is delegated.
  • 01/12/2004

LLD 1.2.4

handbook-guidance

Any committee to which the Society delegates authority under LLD 1.2.1 G should:

  1. (1) have formal terms of reference;
  2. (2) make and retain proper records, including minutes of its meetings; and
  3. (3) be composed of an appropriate number of individuals who are collectively and individually fit and proper.
  • 01/12/2004

LLD 1.2.5

handbook-guidance

Any individual or other person to whom the Society delegates authority under LLD 1.2.1 G should:

  1. (1) have a written statement of the scope of his delegated authority and the purpose for which it is to be exercised;
  2. (2) make and retain proper records of the exercise of his delegated authority; and
  3. (3) be fit and proper.
  • 01/12/2004

Disciplinary arrangements

LLD 1.2.6

handbook-guidance
The Society's disciplinary arrangements, including the activities of its disciplinary and appeal committees, should ensure a prompt, fair and independent hearing for any person accused of breaching a byelaw, as required by the Human Rights Act 1998.
  • 01/12/2004

LLD 1.3

Conflicts of interest

  • 01/12/2004

Arrangements

Register and records

LLD 1.3.10

handbook-guidance

The Society should:

  1. (1) make and retain a register of interests; and
  2. (2) make and retain records of disclosures of conflicts of interest and the steps taken to handle them.
  • 01/12/2004

LLD 1.4

Confidential regulatory information

  • 01/12/2004