Regulation 6 Valuation of special reserve fund
Paragraph (2) below prescribes the manner in which the value of a member’s special reserve fund as at the end of an underwriting year shall be determined, and paragraph (3) below prescribes the matters which, in addition to the value of the fund, are to be stated by the fund manager in his report to the member of the value of the fund.
The value of the fund shall be determined so as to be in accordance with—
the market value of the assets of the fund, and
the rules of Lloyd’s relating to the method of valuation of the fund.
The matters prescribed are—
the amount of any payment made in the underwriting year to which the valuation relates under any of the paragraphs of Schedule 20 specified in paragraph (4) below, and
the date on which each such payment was made.
The paragraphs specified are paragraphs 3(1), 4(1), (2), (3) and (6), 5(1), (4) and (7), 6(2) and 7(1).
This regulation shall have effect for the underwriting year 1994 and subsequent underwriting years.