# Finance Act 2002, Paragraph 9


For subsection (4) of that section substitute—
“(4) In this section—
“apportioned part”, in relation to any insurance money or other amount, means a part apportioned under section 72 of the Taxes Act 1988;
“cash call” means a request for funds which, in pursuance of a contract made in accordance with the rules and practices of Lloyd’s, is made to a corporate member by the agent of a syndicate of which it is a member;
“quota share contract” means any contract between a corporate member and another person which—
(a)is made in accordance with the rules or practice of Lloyd’s; and
(b)provides for that other person to take over any rights and liabilities of the member under any of the syndicates of which it is a member;
and where the taking over of a member’s rights and liabilities is conditional upon the occurrence of any event, the contract does not take effect until that event occurs; and
“transferred loss”, in relation to such a contract, means a loss for which that other person takes over liability under the contract (disregarding, in the case of a loss that has been declared at the time it is taken over, any part of it in respect of which the member has paid a cash call before that time).”.

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Source: https://www.legislation.gov.uk/ukpga/2002/23/schedule/32/paragraph/9 (the official version)
Page: https://openlegislation.uk/finance-act-2002/schedule-32/paragraph-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.