Regulation 3 Lloyd's market reorganisation order

(1)

In these Regulations “Lloyd's market reorganisation order” means an order which—

(a)

is made by the court in relation to the association of underwriters known as Lloyd's;

(b)

appoints a reorganisation controller; and

(c)

on the making of which there comes into force a moratorium on the commencement of—

(i)

proceedings, or

(ii)

other legal processes

set out in regulation 8 in respect of affected market participants, the Society and subsidiaries of the Society.

(2)

A Lloyd's market reorganisation order applies to—

(a)

every member, former member, managing agent, members' agent, Lloyd's broker and approved run-off company who has not been excluded from the order in accordance with regulation 7;

(b)

every coverholder who has been included in the order in accordance with regulation 7;

(c)

the Society; and

(d)

subsidiaries of the Society.