Article 9 Insurance Business and Lloyd’s brokers

(1)

The Act shall be amended as follows.

(2)

In section 2(1), for the definition of “Lloyd’s broker” substitute—

““Lloyd’s broker” means a partnership or body corporate permitted by the Council to describe itself as a Lloyd’s broker”.

(3)

Section 8(3) (Insurance business) shall cease to have effect.

(4)

In section 8(4), for the words “(1) to (3)” substitute “(1) or (2)”.

(5)

In Schedule 2—

(a)

after paragraph (12) insert—

“(12A)
For regulating the grant and renewal of permission to a partnership or body corporate to describe itself as a Lloyd’s broker and regulating the manner and circumstances in which such permission may be withdrawn;”;

(b)

after paragraph (19) insert—

“(19A)
For regulating the conditions under which underwriting agents may accept and place business from or through intermediaries other than Lloyd’s brokers;

(19B)
For regulating the manner and circumstances in which underwriting agents may transact insurance business otherwise than through an intermediary;”.