Transitional Provisions and Schedules
LLD TP 1
Transitional provisions
LLD TP 1
Transitional provisions
| (1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
| 1 | LLD 7.2.1 R | R | Where the Society receives a complaint relating to an act or a failure to act, which occurs before commencement, it may either handle that complaint in accordance with LLD 7.2.1 R or with the complaints handling arrangements in effect at the time of the act or the failure to act. | Indefinite | Commencement |
| 2 | LLD 7.4.1 G | G | The Society's first report to the FSA under LLD 7.4.1 G should cover the period from commencement until the end of the following December or June, whichever is earlier. | From commencement until the end of the following December or June whichever is earlier | Commencement |
| 3 | LLD 13.2.2 R and LLD 9 to LLD 15 | R | The Society must comply with LLD 13.2.2 R by identifying and valuing the assets of individual members that become former underwriting members before 1 January 2003 in accordance with the requirements for the identification and valuation of assets contained in the "Conditions and Requirements Relating to Solvency and Reporting" which were approved by the FSA, exercising the powers of HM Treasury under section 83 of the Insurance Companies Act 1982, and which were applicable immediately before commencement. | Indefinite | Commencement |
| 4 | LLD 13.2.2 R and LLD 9 to LLD 15 | R | The Society must comply with LLD 13.2.2 R by identifying and valuing the assets of individual members in accordance with the requirements for the identification and valuation of assets contained in the "Conditions and Requirements Relating to Solvency and Reporting" which were approved by the FSA, exercising the powers of HM Treasury under section 83 of the Insurance Companies Act 1982, and which were applicable immediately before commencement. | Commencement to 31.12.2002 | Commencement |
| 5 | LLD 15.9 to LLD 15.11 | R | The Society need not comply with LLD 15.9 and LLD 15.11 provided the Society submits to the FSA, at the same time as the report in LLD 15.2.1 R, a Statutory Statement of Business and Audit Certificate in the form required immediately before commencement. | Commencement to 31.12.2001 | Commencement |
| 6 | LLD | G | General transitional provisions GEN contains some technical transitional provisions that apply throughout the Handbook and which are designed to ensure a smooth transition at commencement. | From commencement | Commencement |
| 7 | LLD 11.4.8 R | R | The Society must take each member's share of the general insurance business premiums to be his share calculated for general insurance business premiums receivable. | 1.1.2004 to 31.12.2005 | 1.1.2004 |
| 8 | LLD 11.5.1 R | R | In calculating the Society margin, the Society must calculate the first method (premium basis) as set out in IPRU(INS) Appendix 2.1 using only gross premiums receivable and not gross premiums earned. | 1.1.2004 to 31.12.2005 | 1.1.2004 |
| 9 | LLD 15.2.1 R | R | The Society may prepare the Lloyd's Return in respect of the financial year ending on 31 December 2003: (1) without taking account of the changes to LLD effected by the Lloyd's Sourcebook (Solvency I Directive) Instrument 2003 or the changes to IPRU(INS) effected by the Interim Prudential Sourcebook for Insurers (Solvency I Directive) Instrument 2003, provided that (2) the Society sends to the FSA, within six months of the end of that financial year, Form 9 completed in respect of that year and completed in accordance with LLD and IPRU(INS) as amended by those Instruments. The Form 9 sent to the FSA under (2) need not be audited. |
1.1.2004 to 31.12.2005 | 1.1.2004 |
- 01/12/2004
LLD Sch 1
Record keeping requirements
- 01/12/2004
LLD Sch 1.1
See Notes
| The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
| It is not a complete statement of those requirements and should not be relied on as if it were. |
- 01/12/2004
LLD Sch 1.2
See Notes
| Handbook reference | Subject of record | Contents of record | When record must be made | Retention period |
| LLD 1.2.2 G (1) | Delegation of responsibility for carrying out the Society's regulatory functions | Not specified | Not specified | Not specified |
| LLD 1.2.4 G (2) | Records of any committee with delegated authority to carry out the Society's regulatory functions | Should include minutes of its meetings | Not specified | Not specified |
| LLD 1.2.5 G (2) | An individual's or other person's exercise of his delegated authority to carry out the Society's regulatory functions | Not specified | Not specified | Not specified |
| LLD 1.3.10 G (1) | Interests of those involved in carrying out the Society's regulatory functions | Register of interests | Not specified | Not specified |
| LLD 1.3.10 G (2) | Conflicts of interest of those involved in carrying out the Society's regulatory functions | Disclosures of conflicts of interest and the steps taken to handle them | Not specified | Not specified |
| LLD 4.2.3 G (1) | Transactions in the capacity transfer market | Adequate audit trails | Not specified | Not specified |
| LLD 5.2.3 G | Notifications made to the Society by, or on behalf of, certain persons who have ceased to be underwriting members | Changes of address and deaths of certain persons who have ceased to be underwriting members | Not specified | Not specified |
| LLD 7.3.1 G LLD 7.3.2 G | Complaints from members or former members involving allegations that they have suffered, or may suffer, financial loss, material distress or material inconvenience | Not specified | Not specified | Minimum period of 3 years from receipt of complaint |
| LLD 9.4.5 R | Accounting records | Sufficient to demonstrate compliance with LLD 9 to LLD 15 | As required in accordance with LLD 9 to LLD 15 | Normally not less than 10 years |
| LLD 10.8.3 G (4) | Managing agents' records | Various records and analyses of underwriting and claims | Not specified | Not specified |
- 01/12/2004
LLD Sch 2
Notification requirements
- 01/12/2004
LLD Sch 2.1
See Notes
| The aim of the guidance in the following table is to give the reader a quick overall view of the relevant requirements for notifications and reporting. |
| It is not a complete statement of those requirements and should not be relied on as if it were. |
- 01/12/2004
LLD Sch 2.2
See Notes
| Handbook reference | Matter to be notified | Contents of notification | Trigger event | Time allowed |
| LLD 2.3.1 D | Any matter likely to be of material concern to the FSA in relation to the regulated activities for which the Society has permission; or underwriting agents; or approved persons or individuals acting for or on behalf of underwriting agents | Includes but is not limited to matters listed in LLD 2.3.4 G | The Society becomes aware of the matter | Immediate |
| LLD 2.4 | Commencement, continuation and cessation of relevant investigations and disciplinary proceedings | Commencement, continuation and cessation of investigations and disciplinary proceedings listed in LLD 2.4.1 D, LLD 2.4.2 D and LLD 2.4.3 G | End of each calendar month | 5 business days |
| LLD 2.6.2 G LLD 2.6.3 G | Proposed changes in byelaws for supervising and regulating the market at Lloyd's | Details of proposed changes, consultation undertaken and responses to consultation | Not specified | The FSA should be given adequate notice |
| LLD 2.6.4 G | Regulatory and market bulletins; and all amendments to byelaws | Copies of bulletins and amendments | Publication | Immediate |
| LLD 3.3 | Information about the Central Fund | Information on the Central Fund's net market value, payments, investments, changes in any insurance policy and any claims on the latter, or circumstances likely to lead to a claim | End of each calendar quarter | 2 weeks |
| LLD 4.3 | Information about the capacity transfer market | Capacity transferred, investigations into conduct in the capacity transfer market, and all complaints received | End of each calendar quarter in which any capacity is transferred | 1 month |
| LLD 7.4 | Information about certain complaints from members and former members | Number, nature, resolution and referral of these complaints | End June and end December | 1 month |
| LLD 10.4 | Intention to approve or amend a trust deed | New trust deed and proposed amendment, plus a statement of the purpose of the deed/amendment and an analysis of its impact | The Society intends to approve or amend a trust deed | Sufficient time for the FSA to consider proposals before Society approval |
| LLD 10.5.2 R | Material changes proposed to risk-based capital system | Details of proposed changes | The Society intends to make amendments to risk-based capital system maintained under LLD 10.5.1 R | Adequate time for the FSA to review proposals and assess their implication |
| LLD 10.5.4 R | Independent reviews commissioned by the Society of the operation of the RBC model | Results of each review | Completion of the review | Not specified |
| LLD 10.6 | Reviews of aggregations of risk and plans for monitoring aggregations of risk | Discussion | Completion of regular reviews | Not specified |
| LLD 10.9.5 R | A syndicate actuary of a general insurance business syndicate will or may be unable to provide an unqualified opinion under LLD 10.9.4 R (3)(b) | Not specified | The Society becomes aware | Prompt notification |
| LLD 11.2.4 R | If the solvency requirements of LLD 11.2.1 R are not maintained | A plan for the restoration of a sound financial position | The Society becomes aware | Prompt notification |
| LLD 11.2.11 R | If criterion similar to the guarantee fund requirement for insurers is not maintained | A short-term financial scheme similar to that required from insurers under SUP, Appendix 2 1.4 | The Society becomes aware | Prompt notification |
| LLD 15 | Lloyd's Return and Lloyd's global account | Detailed reports in accordance with the requirements of LLD 15 and its Annexes | End of each financial year | 6 months |
- 01/12/2004
LLD Sch 3
Fees and other required payments
- 01/12/2004
LLD Sch 3.1
See Notes
| There are no requirements for fees or other payments in LLD. |
- 01/12/2004
LLD Sch 4
Powers exercised
- 01/12/2004
LLD Sch 4.2
See Notes
- 01/12/2004
LLD Sch 4.3
See Notes
- 01/12/2004
LLD Sch 4.4
See Notes
- 01/12/2004
LLD Sch 5
Rights of action for damages
- 01/12/2004
LLD Sch 5.1
See Notes
| The table below sets out the rules in LLD contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention. |
- 01/12/2004
LLD Sch 5.2
See Notes
| If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256)). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given. |
- 01/12/2004
LLD Sch 5.3
See Notes
- 01/12/2004
LLD Sch 5.4
See Notes
| Right of action under section 150 | ||||||||
| Chapter/Appendix | Section/Annex | Paragraph | For private Person? | Removed? | For other person? | |||
| 3 | All rules | No | Yes | LLD 3.1.2 R | No | |||
| 4 | All rules | No | Yes | LLD 4.1.2 R | No | |||
| 5 | All rules | No | Yes | LLD 5.1.2 R | No | |||
| 7 | All rules | No | Yes | LLD 7.1.2 R | No | |||
| 8 | All rules | No | Yes | LLD 8.1.2 R | No | |||
| 9 | Rules requiring the Society to have or maintain adequate financial resources | No | No | - | No | |||
| 9 | All other rules | No | Yes | LLD 9.1.3 R | No | |||
| 10 | Rules requiring the Society to have or maintain adequate financial resources | No | No | - | No | |||
| 10 | All other rules | No | Yes | LLD 10.1.2 R | No | |||
| 11 | Rules requiring the Society to have or maintain adequate financial resources | No | No | - | No | |||
| 11 | All other rules | No | Yes | LLD 11.1.2 R | No | |||
| 12 | Rules requiring the Society to have or maintain adequate financial resources | No | No | - | No | |||
| 12 | All other rules | No | Yes | LLD 12.1.2 R | No | |||
| 13 | Rules requiring the Society to have or maintain adequate financial resources | No | No | - | No | |||
| 13 | All other rules | No | Yes | LLD 13.1.2 R | No | |||
| 14 | Rules requiring the Society to have or maintain adequate financial resources | No | No | - | No | |||
| 14 | All other rules | No | Yes | LLD 14.1.2 R | No | |||
| 15 | Rules requiring the Society to have or maintain adequate financial resources | No | No | - | No | |||
| 15 | All other rules | No | Yes | LLD 15.1.2 R | No | |||
- 01/12/2004
LLD Sch 6
Rules that can be waived
- 01/12/2004