Close menu

Application provision

1.1 Except in 11 and unless otherwise stated, this Part applies to:

  1. (1) in accordance with Insurance General Application 3, the Society; and
  2. (2) in accordance with Insurance General Application 3, managing agents, where specified.

6.1

01/01/2016

The Society must, as soon as it is practical to do so, notify the PRA of its intention to approve the form of any new Lloyd’s trust deed.

6.2

01/01/2016

The Society must, as soon as it is practical to do so, notify the PRA of its intention to make any amendment which may alter the meaning or effect of any byelaw, including:

  1. (1) any Lloyd’s trust deed;
  2. (2) any standard form letter of credit prescribed by the Society from time to time; or
  3. (3) any standard form guarantee agreement prescribed by the Society from time to time.

6.3

01/01/2016

The Society must provide the PRA with full details of:

  1. (1) the form of any new Lloyd’s trust deed it intends to approve, as described in 6.1; and
  2. (2) any amendments falling within 6.2.

6.4

01/01/2016

The Society must consult interested parties in relation to any new Lloyd’s trust deed and in relation to any amendment falling within 6.2.

6.5

01/01/2016

The information provided to the PRA by the Society under 6.3 must include:

  1. (1) a statement of the purpose of any proposed amendment or new Lloyd’s trust deed and the expected impact, if any, on policyholders, managing agents, members, and potential members; and
  2. (2) a description of the consultation undertaken under 6.4 including a summary of any significant responses to that consultation.