INSPRU Sch 2 Notification and reporting requirements

INSPRU 2.1.23 R

That a reinsurance exposure to a reinsurer or group of closely related reinsurers is reasonably likely to exceed, or has exceeded, 100% of the firm's capital resources excluding capital resources held to cover property-linked liabilities

Fact that the limit is reasonably likely to be, or has been, exceeded

Note: upon notification under INSPRU 2.1.23 R the firm must:

• demonstrate that prudent provision has been made for the reinsurance exposure in excess of the 100% limit, or explain why in the opinion if the firm no provision is required, and
• explain how the reinsurance exposure is being safely managed (see INSPRU 2.1.24R)

• A reasonable likelihood that the limit will be exceeded, or
• if (1) does not apply , the limit being exceeded

As soon as the firm first becomes aware of the matter required to be notified

INSPRU 2.1.29 R

That the firm has exceeded, or anticipates exceeding, the limit expressed in INSPRU 2.1.28 E (in each financial year a firm should restrict the gross earned premiums which it pays to a reinsurer or group of closely related reinsurers to the higher of (a) 20% of the firm's projected gross earned premiums for that financial year and (b) £4 million)

Fact that the limit has been exceeded, or that the firm anticipates exceeding the limit

Note: upon notification under INSPRU 2.1.29 R the firm must explain to the FSA how, despite the excess reinsurance concentration, the credit risk is being safely managed (see INSPRU 2.1.30 R)

The limit being exceeded, or an anticipation that the limit will be exceeded

Immediately

INSPRU 3.1.65 R

Syndicate liabilities not covered by matching syndicate assets as required by INSPRU 3.1.53 R

Nature and extent of syndicate liabilities not covered by matching syndicate assets as required by INSPRU 3.1.53 R

Syndicate liabilities are no longer covered by matching syndicate assets as required by INSPRU 3.1.53 R

Immediately

2INSPRU 7.1.83 R2

Syndicate ICA and balancing amount in respect of each syndicate

Syndicate ICA and balancing amount in respect of each syndicate

Notification should be made periodically

As part of the annual capital-setting process, in good time for the Society to review and place appropriate reliance on them when determining capital assessments for each member

2INSPRU 7.1.89 R2

Significant doubt about the adequacy of a syndicate ICA or balancing amount with respect to syndicate risks and controls

Revised syndicate ICA and balancing amount

The managing agent considers that syndicate ICA and balancing amount communicated in the capital setting process are no longer adequate in the light of the risks to which the syndicate business is exposed

Immediately

INSPRU 8.2.17 R

Information the managing agent has concerning material risks to funds at Lloyd's or central assets

All information concerning relevant risk

Receipt of information

As soon as possible

INSPRU 8.2.23 R

Intention to approve the form of any new Lloyd's trust deed

Fact of intention

Intention to approve

As soon as practical

INSPRU 8.2.24 R

Intention to make any amendment which may alter the meaning or effect of any byelaw (including Lloyd's trust deeds, standard form letters of credit and guarantees)

Fact of intention

Intention to amend

As soon as practical

INSPRU 8.2.25 R

Full details of form of new Lloyd's trust deed or amendments to byelaw (including Lloyd's trust deeds, standard form letters of credit and guarantees)

• Statement of purpose of amendment or new form and expected impact, if any, on policyholders, managing agents, members and potential members, and
• Description of the consultation undertaken and summary of significant responses to consultation

Not specified

Normally not less than three months in advance of proposed change