Section 84 Lloyd’s underwriters —financial resources.C1
United Kingdom
Subject to such modifications as may be prescribed and to any determination made by the F1Treasury in accordance with regulations, sections 32, 33 and 35 above shall apply to the members of Lloyd’s taken together as they apply to an insurance company to which Part II of this Act applies and whose head office is in the United Kingdom.
The powers conferred on F2the Treasury or the Secretary of State by sections 38 to 41, 44 and 45 above shall be exercisable in relation to the members of Lloyd’s if there is a breach of an obligation imposed by virtue of subsection (1) above.
Annotations
Textual amendments
- F1
Words in s. 84(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 47(a) (with art. 7)
- F2
Words in s. 84(2) inserted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 47(b) (with art. 7)
Modifications
- C1
S. 84: power to contract out certain functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 53
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)