Special Provisions for Lloyd’s


Neither the Society nor managing agents may permit a member to carry on any insurance business, except as a participant on one or more syndicates.


The Society must ensure that all participants in the Lloyd’s market are made aware of their obligations under the Solvency II Firms Sector of the PRA Rulebook.


The Society must establish and maintain effective arrangements to monitor and manage risk arising from:

  1. (1) conflicts of interest (including in relation to (2) to (4));
  2. (2) inter-syndicate transactions, including reinsurance to close and approved reinsurance to close;
  3. (3) related party transactions; and
  4. (4) transactions between members and itself.