1A contravention of the rules in this chapter does not give rise to a right of action by a private person under section 150 of the Act (Actions for damages) and each of those rules is specified under section 150(2) of the Act as a provision giving rise to no such right of action.

PRU 4.1 applies to managing agents and to the Society in accordance with:

1. (1)

   for managing agents, LLD 16.3.3 R; and

2. (2)

   for the Society, LLD 16.3.1 R.

In accordance with LLD 18.4.2 R, the rules and guidance in PRU 4.1 relating to the establishment and maintenance of a business plan do not apply to the Society.

PRU 4.2 applies to managing agents and to the Society in accordance with:

1. (1)

   for managing agents, LLD 16.3.3 R, subject to LLD 21.3.4 R below; and

2. (2)

   for the Society, LLD 16.3.1 R.

Managing agents must calculate the amount of the resilience capital requirement for the long-term insurance business carried on through the syndicates they manage.

The Society must determine the resilience capital requirement for the insurance business of each member under PRU 4.2.10 R as the member's proportionate share of the resilience capital requirement calculated by the managing agent for the long-term insurance business carried on through the syndicate.

For the purposes of PRU 4.2.53 R, a managing agent must ensure that:

1. (1)

   syndicate liabilities are covered by matching syndicate assets as required by PRU 4.2.53 R; or that

2. (2)

   it immediately notifies to the Society the nature and extent of any syndicate liabilities not covered by matching assets under (1).

On receipt of a notification by a managing agent under LLD 21.3.4 R (2), the Society must ensure that the liabilities in respect of the insurance business of the members in aggregate are covered with matching assets complying with PRU 4.2.53 R.

PRU 4.3 applies to managing agents and to the Society in accordance with:

1. (1)

   for managing agents, LLD 16.3.3 R; and

2. (2)

   for the Society, LLD 16.3.1 R.