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LLD Sch 2 Notification requirements

LLD Sch 2.1G

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.

LLD Sch 2.2G

Handbook reference

Matter to be notified

Contents of notification

Trigger event

Time allowed

LLD 2.3.1 D

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

LLD 2.4

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

LLD 2.6.2 GLLD 2.6.3 G

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

LLD 2.6.4 G

Regulatory and market bulletins; and all amendments to byelaws

Copies of bulletins and amendments

Publication

Immediate

LLD 3.3

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

LLD 4.3

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

LLD 7.4

Information about certain complaints from members and former members

Number, nature, resolution and referral of these complaints

End June and end December

1 month1

LLD 10.4

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

LLD 10.5.2 R

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

LLD 10.5.4 R

Independent reviews commissioned by the Society of the operation of the RBC model

Results of each review

Completion of the review

Not specified

LLD 10.6

Reviews of aggregations of risk and plans for monitoring aggregations of risk

Discussion

Completion of regular reviews

Not specified

LLD 10.9.5 R

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

LLD 11.2.4 R

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

LLD 11.2.11 R

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