LLD 15 Annex 2 Certificate by the Council (see LLD 15.9.1R(1))

1

Subject to 5, the certificate required by LLD 15.9.1R(1) must state:

(1)

in relation to Forms 1 to 3, 131 to 17, 20 to 42, the supplementary notes to the forms and the statements required under LLD 15.5.1 R, LLD 15.6.1 R and LLD 15.7.1 R, LLD 15.8.1 R, LLD 15.5.5 G and LLD 15.8.8 R, that:

(a)

the Lloyd's Return has been prepared in accordance with PRU and1 LLD 15 to 241;

(b)

proper accounting records have been maintained and adequate information has been obtained by the Society; and

(c)

an appropriate system of control has been established and maintained by the Society over its transactions and records;

(2)

[deleted]1

(3)

that, as applicable, the assets held by members throughout the financial year in question enabled the Society to comply with PRU 7.2.30 R (Localisation (UK firms only)) and PRU 7.2.34 R (Matching of assets and liabilities)1; and

(4)

in relation to the statement required by LLD 15.9.1 R (2) to be made by the Lloyd's actuary, that:

(a)

for the purpose of preparing the statement, proper accounts and records have been maintained; and

(b)

the information given has been ascertained in conformity with LLD 15.9.1 R.

2

Subject to 5, the certificate required by LLD 15.9.1 R (1) must state that capital resources at least equal to the capital resources requirements under PRU 2 and LLD 19 (Application of PRU 2 to Lloyd's), have1 been maintained at all times during1 the financial year in question.

3

Subject to 5, the certificate required by LLD 15.9.1 R (1) must also state in relation to the long-term insurance business carried on by members:

(1)

that the requirements of PRU 7.6.18 R to PRU 7.6.33 R1 have been fully complied with and in particular that, subject to the provisions of PRU 7.6.27 R, assets attributable to long-term insurance business, the income arising, the proceeds of any realisation of such assets and any other income or proceeds allocated to the long-term insurance fund or funds1 have not been applied otherwise than for the purpose of the long-term insurance business;

(2)

[deleted]1

(3)

that all guarantees given by a member of the performance by a related insurer which would fall to be met by any long-term insurance fund1 have been disclosed in the Lloyd's Return, and that the fund or funds on which each of those guarantees would fall has been identified in it; and1

(4)

that the return in respect of long-term insurance business is not distorted by agreements between the members concerned or by any arrangements which could affect the apportionment of expenses and income.1

(5)

[deleted]1

4

Subject to 5, where the Council is satisfied that:

(1)

the systems of control established and maintained by managing agents complied, at the end of the financial year in question, with any relevant guidance and it is reasonable to believe that those systems continued so to comply and will continue to so comply; or

(2)

the Lloyd's Return has been prepared in accordance with any relevant guidance; this must be so stated, by listing that guidance, in the certificate required by LLD 15.9.1 R (1).

5

Where, in the opinion of those signing the certificate, the circumstances are such that any of the statements required by 1 to 4 cannot truthfully be made, the relevant statements must be omitted.

6

Where, by virtue of 5, any statements have been omitted from the certificate this fact must be stated in a note.