Regulation 48 Lloyd’s underwritersI1

after the words “Secretary of State” insert the words “which are exercisable in relation to UK companies”; and

for the words from “giving effect” to the end substitute the words

“which—

(a)

gives effect to the general and long term insurance Directives; or

(b)

is applicable to the insurance activities of Lloyd’s in that State”.

in subsection (1), for the words “sections 49 to 52 above” substitute the words “Schedule 2C to this Act”;

in subsection (3), for the words “sections 49 and 50 or sections 51 and 52 above” substitute the words “the provisions of Part I or II of Schedule 2C to this Act” and for paragraph (a) substitute—

“(a)

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

after subsection (3) insert—

“(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.”