Section 85 Lloyd’s underwriters —transfer of business.C1

United Kingdom

(1)

F1Schedule 2C to this Actshall apply in relation to transfers to and from members of Lloyd’s if, and only if, the conditions specified in subsection (2) below are satisfied.

(2)

The conditions referred to in subsection (1) above are—

(a)

that the transfer is not one where both the transferor and the transferee are members of Lloyd’s;

(b)

that the Committee of Lloyd’s have by resolution authorised one person to act in connection with the transfer for the members concerned as transferor or transferee;

(c)

that a copy of the resolution has been given to the F2Treasury.

(3)

Where F3the provisions of Part I or II of Schedule 2C to this Act apply in relation to a transfer to or from members of Lloyd’s they shall apply as if—

F4(a)

references to a 'UK company’ included references to members of Lloyd’s;

(b)

anything done in connection with the transfer by the person authorised in accordance with subsection (2)(b) above had been done by the members for whom he acted.

F5(4)

Section 52A above shall apply as if the reference in subsection (1) to a UK company included a reference to members of Lloyd’s.

F6(5)

In this section references to a member of Lloyd’s include references to a former underwriting member of Lloyd’s (within the meaning of the Lloyd’s Act 1982) who has ceased to be a member of Lloyd’s, whether by resignation or otherwise, in accordance with the Lloyd’s Act 1982 and any byelaw made thereunder.

Annotations

Textual amendments

F1: Words in s. 85(1) substituted (1.7.1994) by S.I. 1994/1696, reg. 48(2)(a)
F2: Words in s. 85(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 48 (with art. 7)
F3: Words in s. 85(3) substituted (1.7.1994) by S.I. 1994/1696, reg. 48(2)(b)
F4: S. 85(3)(a) substituted (1.7.1994) by S.I. 1994/1696, reg. 48(2)(b)
F5: S. 85(4) inserted (1.7.1994) by S.I. 1994/1696, reg. 48(2)(c)
F6: S. 85(5) inserted (24.12.1996) by S.I. 1996/3011, reg. 7

Modifications

C1: S. 85: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 54

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F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)