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Application provision

6.1 This Chapter applies to the Society.

6.1

01/01/2016

This Chapter applies to the Society.

6.2

01/01/2016

For the purposes of complying with the SCR Rules, the Society must categorise own funds at Lloyd’s as between:

  1. (1) own funds attributable to the Society; and
  2. (2) own funds attributable to members which are available to support members’ insurance business at Lloyd’s, including funds at Lloyd’s.

6.3

01/01/2016

The Society must notify the PRA in writing, within 14 days, in the event the Council makes a determination pursuant to paragraph 8(1A) or varies a determination pursuant to paragraph 8(1B)(a) of the New Central Fund Byelaw (No 23 of 1996) as amended, that the Central Fund or a part of the Central Fund is to constitute own funds attributable to the Society for the purposes of covering the SCR for Lloyd’s.

6.4

01/01/2016

In determining own funds at Lloyd’s in accordance with 2, the Society shall have regard to:

  1. (1) the Society’s central assets and central liabilities; and
  2. (2) the assets and liabilities of members, including assets which are available to support members’ insurance business at Lloyd’s, such assets including a members’ funds at Lloyd’s.