Regulation 9 Statement of business by Council of Lloyd's

(1)

After regulation 5(1) of the 1983 Regulations (statement of business) insert—

“(1A)

If it appears to the Council of Lloyd’s that there are special reasons for departing from any of the annexed forms, it may, with the approval of the Secretary of State, do so, but particulars of any such departure and the reasons for it and its effect shall be given by way of an additional note to the relevant form or forms.”

(2)

In Schedule 3 to the 1983 Regulations (statement of business by Council of Lloyd's) for paragraph 3 substitute the following paragraph—

“3.

A certificate for the purposes of section 83(4A) of the Insurance Companies Act 1982 has been furnished to the Council of Lloyd’s and the Secretary of State in respect of every underwriter at Lloyd’s who has not fully reinsured his liabilities by reinsurance to close in accordance with Lloyd’s byelaws.”

(3)

For paragraph 5 of that Schedule, substitute the following paragraph—

“5.

Every member of Lloyd’s has complied with regulation 63 (which relates to co-insurance) of the Insurance Companies Regulations 1994^f1 (as applied by regulation 3(1) of the Insurance (Lloyd's) Regulations 1983^f2).”

(4)

In Schedule 3 to those Regulations—

(a)

for the words “underwriting members of Lloyd's” and “underwriting members”, wherever they appear, substitute the words “underwriters at Lloyd's” and “underwriters” respectively;

(b)

for the words “19 year of account”, wherever they appear, substitute the words “(year) year of account”;

(c)

in paragraph 4 for the words “31 December 19…” substitute the words “31 December (year)”;

(d)

for the words “Secretary General of the Council of Lloyd's” substitute the words “Secretary to the Council of Lloyd's, For and on behalf of the Council of Lloyd's”;

(e)

in Forms 1 to 10 for the words “31 December 19…”, wherever they appear, substitute the words “31 December (year)”;

(f)

in Forms 1 and 2—

(i)

for the words in line 2 substitute the words “Reinsurance premiums received from, and amounts placed to reserve in respect of, estimated liabilities of previous accounts”;

(ii)

for the words in line 4 substitute the words “Gross investment return on syndicate funds”;

(iii)

for the words in line 8 substitute the words “Reinsurance premiums paid at close of account and amounts placed to reserve in respect of estimated liabilities of accounts which remain open”;

(g)

in Form 4, columns 2 and 3 delete the words “(see note 2)”; and

(h)

in Form 9—

(i)

for the words in Note 3 substitute the words “A Lloyd’s Special Reserve Fund is a fund maintained under arrangements to which section 452 of the Income and Corporation Taxes Act 1988^f3 applies. New arrangements apply from the 1992/93 tax year under section 175 of the Finance Act 1993^f4”; and

(ii)

for the words in Note 5 substitute the words “The Lloyd’s Central Fund is a fund, held by the Society of Lloyd's, to which underwriters contribute and which can be applied for the purpose of preventing or making good any default by any member of the Society under any contract of insurance or guarantee underwritten at Lloyd's”.

Annotations

Footnotes

f1: S.I. 1994/1516.
f2: Regulation 3(1) was amended by S.I. 1994/1516, reg. 85(2).
f3: 1988 c. 1.
f4: 1993 c. 34.