LLD 1
Society's regulatory functions
LLD 1.1
Application and purpose
- 01/12/2004
Application
Purpose
LLD 1.1.2
See Notes
The guidance in this chapter is intended to:
- (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) protect policyholders and members; and
- (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 1.2.1
See Notes
- 16/12/2004
LLD 1.2.2
See Notes
The Council should:
- (1) approve and record the delegation referred to in LLD 1.2.1 G; and
- (2) review it at least once each year.
- 01/12/2004
LLD 1.2.3
See Notes
- 01/12/2004
LLD 1.2.4
See Notes
Any committee to which the Society delegates authority under LLD 1.2.1 G should:
- (1) have formal terms of reference;
- (2) make and retain proper records, including minutes of its meetings; and
- (3) be composed of an appropriate number of individuals who are collectively and individually fit and proper.
- 01/12/2004
LLD 1.2.5
See Notes
Any individual or other person to whom the Society delegates authority under LLD 1.2.1 G should:
- (1) have a written statement of the scope of his delegated authority and the purpose for which it is to be exercised;
- (2) make and retain proper records of the exercise of his delegated authority; and
- (3) be fit and proper.
- 01/12/2004
Disciplinary arrangements
LLD 1.2.6
See Notes
- 01/12/2004
Dealing with the FSA
LLD 1.2.7
See Notes
- 16/12/2004
LLD 1.2.8
See Notes
- 16/12/2004
LLD 1.2.9
See Notes
- 16/12/2004
LLD 1.3
Conflicts of interest
- 01/12/2004
Arrangements
LLD 1.3.1
See Notes
- 16/12/2004
LLD 1.3.2
See Notes
- 16/12/2004
LLD 1.3.3
See Notes
- 16/12/2004
LLD 1.3.4
See Notes
- 16/12/2004
LLD 1.3.5
See Notes
Matters that the Society should consider under LLD 1.3.4 G include, but are not limited to:
- (1) the size and composition of any committees to which authority to carry out the Society's regulatory functions has been or will be delegated; and
- (2) the necessity to transfer authority to take decisions or responsibilities to alternates should a conflict of interest arise.
- 16/12/2004
Guidelines
LLD 1.3.6
See Notes
- 16/12/2004
LLD 1.3.7
See Notes
- 16/12/2004
LLD 1.3.8
See Notes
The guidelines referred to in LLD 1.3.6 G should include:
- (1) guidelines for determining whether a conflict of interest exists;
- (2) the need for prompt disclosure of any conflict of interest to enable others, not affected by the conflict, to decide how it should be managed;
- (3) guidelines for declaring any conflict of interest at proceedings of the Council and any committees to which the Council delegates responsibility for carrying out the Society's regulatory functions;
- (4) the circumstances in which a general advance disclosure of any conflicts of interest will usually be sufficient;
- (5) the circumstances in which a general advance disclosure may not be sufficient;
- (6) the circumstances in which it may be appropriate for a conflicted individual to withdraw from involvement in the matter concerned without disclosing the interest;
- (7) the circumstances in which individuals should withdraw from the decision-making process, from access to relevant information, or from proceedings of the Council or of any committees to which authority to carry out the Society's regulatory functions has been delegated by the Council; and
- (8) the penalty or other sanction that will apply if guidelines are not followed or requirements are not complied with.
- 16/12/2004
LLD 1.3.9
See Notes
- 16/12/2004
Register and records
LLD 1.3.10
See Notes
The Society should:
- (1) make and retain a register of interests; and
- (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
LLD 1.4.1
See Notes
- 16/12/2004