LLD Sch 2 Notification requirements
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant requirements for notifications and reporting. |
It is not a complete statement of those requirements and should not be relied on as if it were. |
Handbook reference |
Matter to be notified |
Contents of notification |
Trigger event |
Time allowed |
Any matter likely to be of material concern to the FSA in relation to the regulated activities for which the Society has permission; or underwriting agents; or approved persons or individuals acting for or on behalf of underwriting agents |
Includes but is not limited to matters listed in LLD 2.3.4 G |
The Society becomes aware of the matter |
Immediate |
|
Commencement, continuation and cessation of relevant investigations and disciplinary proceedings |
Commencement, continuation and cessation of investigations and disciplinary proceedings listed in LLD 2.4.1 D, LLD 2.4.2 D and LLD 2.4.3 G |
End of each calendar month |
5 business days1 |
|
Proposed changes in byelaws for supervising and regulating the market at Lloyd's |
Details of proposed changes, consultation undertaken and responses to consultation |
Not specified |
The FSA should be given adequate notice |
|
Regulatory and market bulletins; and all amendments to byelaws |
Copies of bulletins and amendments |
Publication |
Immediate |
|
Information about the Central Fund |
Information on the Central Fund's net market value, payments, investments, changes in any insurance policy and any claims on the latter, or circumstances likely to lead to a claim |
End of each calendar quarter |
2 weeks |
|
Information about the capacity transfer market |
Capacity transferred, investigations into conduct in the capacity transfer market, and all complaints received |
End of each calendar quarter in which any capacity is transferred |
1 month |
|
Information about certain complaints from members and former members |
Number, nature, resolution and referral of these complaints |
End June and end December |
1 month1 |
|
Intention to approve or amend a trust deed |
New trust deed and proposed amendment, plus a statement of the purpose of the deed/amendment and an analysis of its impact |
The Society intends to approve or amend a trust deed |
Sufficient time for the FSA to consider proposals before Society approval |
|
Material changes proposed to risk-based capital system |
Details of proposed changes |
The Society intends to make amendments to risk-based capital system maintained under LLD 10.5.1 R |
Adequate time for the FSA to review proposals and assess their implication |
|
Independent reviews commissioned by the Society of the operation of the RBC model |
Results of each review |
Completion of the review |
Not specified |
|
Reviews of aggregations of risk and plans for monitoring aggregations of risk |
Discussion |
Completion of regular reviews |
Not specified |
|
A syndicate actuary of a general insurance business syndicate will or may be unable to provide an unqualified opinion under LLD 10.9.4 R (3)(b) |
Not specified |
The Society becomes aware |
Prompt notification |
|
If the solvency requirements of LLD 11.2.1 R are not maintained |
A plan for the restoration of a sound financial position |
The Society becomes aware |
Prompt notification |
|
If criterion similar to the guarantee fund requirement for insurers is not maintained |
A short-term financial scheme similar to that required from insurers under SUP, Appendix 2 1.4 |
The Society becomes aware |
Prompt notification |
|
LLD 15 |
Lloyd's Return and Lloyd's global account |
Detailed reports in accordance with the requirements of LLD 15 and its Annexes |
End of each financial year |
6 months |