Regulation 10 Appropriate amount of technical provisions: members of open Lloyd’s syndicatesI1
United Kingdom
(1)
This regulation applies to any general insurer which is a member of an open Lloyd’s syndicate.
(2)
For a period of account, the appropriate amount of the technical provisions for the purposes of paragraph 1 of Schedule 11 is the aggregate of the member’s share of—
(a)
the amount of the provision for unearned premiums determined in accordance with paragraph 50 of Schedule 3 to the Accounts and Reports Regulations;
(b)
the amount of the provision for unexpired risks determined in accordance with paragraph 51 of that Schedule 3; and
(c)
the amount of the liabilities in respect of claims outstanding arising from the general business of the syndicate.