Regulation 4 Statement of business by Council of Lloyd's
In Schedule 3 to the 1983 Regulations (statement of business by Council of Lloyd's)—
after paragraph 3f1 insert—
“3AIn the case of any shortfall in the assets of any underwriter which are available to meet the underwriter’s liability in respect of insurance business and the prescribed surplus calculated in accordance with Schedule 1A to the Insurance (Lloyd's) Regulations 1983, there are sufficient assets of Lloyd’s available to meet that shortfall.”;
for paragraph 5f2 substitute the following paragraph—
“5The rules and regulations of Lloyd’s determining the value of assets and the amount of liabilities for the purposes of section 32 of the Insurance Companies Act 1982 have been complied with in respect of every underwriter at Lloyd's.”;
omit Form 4;
in Form 6—
for the heading substitute “STATEMENT OF SOLVENCY OF UNDERWRITERS AT LLOYD'S (GLOBAL BASIS)”; and
after Note 2 insert the following—
“3The required minimum margin shown above is calculated taking together the business of all underwriters at Lloyd's. The form demonstrates the extent to which the assets of underwriters and Lloyd’s exceed the required minimum margin calculated on that basis.
4The amounts shown in lines 1 and 6 of Form 6 and line 1 of Forms 6A and 6B respectively are derived from the same underlying syndicate information. However, the figures in Form 6 represent the required minimum margin in respect of general and long term business for the underwriters at Lloyd’s taken together, while those in Forms 6A and 6B are calculated from the aggregate for general and long term business of the prescribed surpluses of every underwriter at Lloyd's.”;
after Form 6 insert Forms 6A and 6B as set out in Schedule 2 to these Regulations; and
in Form 9—
in line 14, after the words “Central Fund” insert “and New Central Fund”; and
in Note 5f3, for the words “Central Fund is a fund” substitute the words “Central Fund and New Central Fund are funds” and for “to which underwriters contribute” substitute the words “contributed to by underwriters”.