LLD 5
Former underwriting members
LLD 5.1
Application and purpose
- 01/12/2004
Application
LLD 5.1.1
See Notes
This chapter applies to the Society.
- 01/12/2004
LLD 5.1.2
See Notes
A contravention of the rules in this chapter does not give rise
to a right of action by a private
person under section 150 of the Act (Actions for damages) and each of those rules is specified under
section 150(2) of the Act as
a provision giving rise to no such right of action.
- 01/12/2004
Purpose
LLD 5.1.3
See Notes
The rules and guidance in this chapter are intended to promote confidence in the market at Lloyd's and to protect certain consumers of services provided by the Society in carrying on or in connection with or for the purposes of its regulated activities by:
(1) protecting policyholders against the risk that former underwriting members may not be able to meet any liabilities to carry out contracts of insurance that they underwrote at Lloyd's; and
- 01/12/2004
LLD 5.2
Requirements relating to former underwriting members
- 01/12/2004
LLD 5.2.1
See Notes
The Society must
draw sections 320 to 322 of the Act (Former
underwriting members, Requirements imposed under section 320, Rules applicable
to former underwriting members) to the attention of any person ceasing to be an underwriting member on or after commencement.
- 01/12/2004
LLD 5.2.2
See Notes
The Society must require any person, other than a body corporate, ceasing to be an underwriting member on or after commencement to:
(1) notify the Society of any change in his address within one month of the change; and
(2) in the case of a natural person, to make arrangements for the Society to be notified in the event of his death.
- 01/12/2004
LLD 5.2.3
See Notes
The Society should
make and retain records of the notifications made to it under the requirements
referred to in LLD 5.2.2 R.
It should give the FSA access
to these records if the FSA requests
this.
- 01/12/2004