LLD 17.7 Insurance receivables to be carried to trust funds
The Society must take all reasonable steps to ensure that each member:
- (1)
executes the appropriate Lloyd's trust deeds; and
- (2)
carries to the appropriate Lloyd's trust fund all amounts received or receivable by the member, or on its behalf, in respect of any insurance business carried on by it.
The Society must carry all amounts it receives on behalf of any member in respect of that member's insurance business to the appropriate Lloyd's trust fund.
A managing agent must carry all amounts it receives on behalf of any member in respect of that member's insurance business to the appropriate Lloyd's trust fund.
In complying with LLD 17.7.1 R to LLD 17.7.3 R, the Society and managing agents must take all reasonable steps to ensure that amounts received or receivable by a member in respect of general insurance business and long-term insurance business are carried to separate Lloyd's trust funds.
The requirement in LLD 17.7.4 R should be read in conjunction with the requirements of PRU 7.6 as applied to the Society and managing agents in LLD 24.6.1 R to LLD 24.6.5G.