Lloyd's: Actuaries, Auditors and FSCS

1.1

In this Part the following definition applies:

insurance business

means the regulated activities of effecting contracts of insurance or carrying out contracts of insurance written at Lloyd's.

2.1

1. (1) The PRA directs that, with effect from 27 May 2014, Part XXII of FSMA (Auditors and Actuaries) applies to the carrying on of insurance business by members as modified by (2).
2. (2) Regulations made by the Treasury under section 342(5) and section 343(5) of Part XXII of FSMA apply only to actuaries appointed by a managing agent in respect of the insurance business of a syndicate, in relation to the long-term insurance business of that syndicate.
3. (3) In Part XXII of FSMA (Auditors and Actuaries) as applied by this direction:
1. (a) a reference to an auditor of an authorised person is to be read as including an auditor appointed by a managing agent in respect of the insurance business of a syndicate; and
2. (b) a reference to an actuary acting for an authorised person is to be read as including an actuary appointed by a managing agent in respect of the insurance business of a syndicate.

2.2

The direction in SUP 3.1.13D of the PRA Handbook continues to have effect from the date specified in that direction to the date on which the direction in 2.1 has effect.