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 | Expired | ||
| 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 | Expired | ||
| 5 | LLD 15.9 to LLD 15.11 | R | Expired | ||
| 6 | LLD | G | Expired | ||
| 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 |
| 10 | LLD Form 15 Instruction 7 | The Society must include in aggregate members' liabilities aggregate net surpluses in open syndicate years (for those members with surpluses) to be shown at line 21. | 31.12.2005 | Commencement |
- 31/12/2005
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. In particular, in accordance with the application rules in LLD 16 to LLD 25, the Society and managing agents are subject to prudential requirements in PRU which include record keeping requirements. They should refer to the relevant Schedules to PRU for a view of those requirements. |
- 31/12/2005
LLD Sch 1.2
See Notes
| Handbook reference | Subject of record | Contents of record | When record must be made | Retention period |
| 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 |
- 31/12/2005
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. In particular, in accordance with the application rules in LLD 16 to LLD 25, the Society and managing agents are subject to prudential requirements in PRU and SUP which include notification requirements. They should refer to the relevant Schedules to PRU and SUP for a view of those requirements. |
- 31/12/2005
LLD Sch 2.2
See Notes
| Handbook reference | Notification by | Matter to be notified | Contents of notification | Trigger event | Time allowed |
| LLD 2.3.1 D | Society | Any matter likely to be of material concern to the in relation to the for which the has permission; or ; or or individuals acting for or on behalf of | 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 | Society | 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 4.3 | Society | Information about the capacity transfer market | Capacity transferred, investigations into conduct in the , and all complaints received | End of each calendar quarter in which any capacity is transferred | 1 month |
| LLD 7.4 | Society | Information about certain complaints from membersand former members | Number, nature, resolution and referral of these complaints | End June and end December | 1 month |
| LLD 15 | Society | Lloyd's Return and Lloyd's global account | Detailed reports in accordance with the requirements of LLD 15 and its Annexes | End of each | 6 months |
| LLD 15.13 | Managing agents to the Society | Syndicate-level reporting | Return in respect of insurance business carried on through each syndicate | End of each financial year | In time to enable the Society to report in accordance with LLD 15.2.1 R |
| LLD 17.6.1 R | Managing agents to the Society | Any information the managing agent has concerning material risks to funds at Lloyd's or central assets | All information concerning relevant risk | The managing agent receives the information | As soon as possible |
| LLD 17.8.1 R | Society | Intention to approve the form of any new Lloyd's trust deed | Fact of intention | The Society forms intention to approve form of new Lloyd's trust deed | As soon as practical |
| LLD 17.8.2 R | Society | Intention to make any amendment which may alter the meaning or effect of any byelaw (including Lloyd's trust deeds, standard form letters of credit and guarantees) | Fact of intention | The Society forms intention to amend | As soon as practical |
| LLD 17.8.3 R | Society | Full details of form of new Lloyd's trust deed or amendments to byelaw (including Lloyd's trust deeds, standard form letters of credit and guarantees) | Statement of purpose of amendment or new form; expected impact, if any on policyholders, managing agents, members and potential members; description of consultation undertaken and summary of significant responses to consultation | Not specified | Normally not less than 3 months in advance of proposed change |
| LLD 18.3.13 R | Society | Change to the maximum amount of the callable contribution | Fact and details of the change | The Society proposes to change the maximum amount | Adequate advance notice, normally not less than 6 months |
| LLD 19.4.15 R | Managing agents to the Society | Syndicate ICA and balancing amount in respect of each syndicate | Notification should be made periodically to the Society | As part of the annual capital-setting process, in good time for the Society to review and place appropriate reliance on them when determining capital assessments for each member | |
| LLD 19.4.23 R | Managing agents to the Society | At any time, any significant doubt about the adequacy of a syndicate ICA or balancing amount with respect to syndicate risks and controls | Revised syndicate ICA and balancing amount | The managing agent considers that syndicate ICA and balancing amount communicate in the setting capital setting process are no longer adequate in the light of the risks to which the syndicate business is exposed | Immediately |
| LLD 21.3.4R (2) | Managing agents to the Society | Syndicate liabilities not covered by matching syndicate assets as required by PRU 4.2.53 R | Nature and extent of syndicate liabilities not covered by matching syndicate assets as required by PRU 4.2.53 R | Syndicate liabilities are no longer covered by matching syndicate assets as required by PRU 4.2.53 R | Immediately |
- 31/12/2005
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
- 31/12/2005
LLD Sch 4.3
See Notes
- 01/12/2004
LLD Sch 4.4
See Notes
- 31/12/2005
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 | |||
| 12 | All other rules | No | Yes | LLD 12.1.2 R | No | |||
| 15 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 15 | All other rules | No | Yes | LLD 15.1.2 R | No | |||
| 16 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 16 | All other rules | No | Yes | LLD 16.1.1 R | ||||
| 17 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 17 | All other rules | No | Yes | LLD 17.1.1 R | ||||
| 18 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 18 | All other rules | No | Yes | LLD 18.1.1 R | ||||
| 19 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 19 | All other rules | No | Yes | LLD 19.1.1 R | ||||
| 20 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 20 | All other rules | No | Yes | LLD 20.1.1 R | ||||
| 21 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 21 | All other rules | No | Yes | LLD 21.1.1 R | No | |||
| 22 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 22 | All other rules | No | Yes | LLD 22.1.1 R | ||||
| 23 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 23 | All other rules | No | Yes | LLD 23.1.1 R | ||||
| 24 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 24 | All other rules | No | Yes | LLD 24.1.1 R | ||||
| 25 | Rules requiring the Society, managing agents or members to have or maintain adequate financial resources | No | No | - | No | |||
| 25 | All other rules | No | Yes | LLD 25.1.1 R | ||||
- 31/12/2005
LLD Sch 6
Rules that can be waived
- 01/12/2004