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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. In particular, in accordance with the application rules in LLD 16 to LLD 25, the Society and managing agents are subject to prudential requirements in PRU and SUP which include notification requirements. They should refer to the relevant Schedules to PRU and SUP for a view of those requirements.1

LLD Sch 2.2G

1Handbook reference

1Notification by

Matter to be notified

Contents of notification

Trigger event

Time allowed

1LLD 2.3.1 D

Society1

Any matter likely to be of material concern to the in relation to the for which the has permission; or ; or or individuals acting for or on behalf of

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

Society1

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 days

LLD 4.3

Society1

Information about the capacity transfer market

Capacity transferred, investigations into conduct in the , and all complaints received

End of each calendar quarter in which any capacity is transferred

1 month

LLD 7.4

Society1

Information about certain complaints from members and former members

Number, nature, resolution and referral of these complaints

End June and end December

1 month

LLD 15

Society1

Lloyd's Return and Lloyd's global account

Detailed reports in accordance with the requirements of LLD 15 and its Annexes

End of each

6 months

1LLD 15.131

Managing agents to the Society1

Syndicate-level reporting

Return in respect of insurance business carried on through each syndicate

End of each financial year

In time to enable the Society to report in accordance with LLD 15.2.1 R

1LLD 17.6.1 R

Managing agents to the Society

Any information the managing agent has concerning material risks to funds at Lloyd's or central assets

All information concerning relevant risk

The managing agent receives the information

As soon as possible

1LLD 17.8.1 R

Society

Intention to approve the form of any new Lloyd's trust deed

Fact of intention

The Society forms intention to approve form of new Lloyd's trust deed

As soon as practical

1LLD 17.8.2 R

Society

Intention to make any amendment which may alter the meaning or effect of any byelaw (including Lloyd's trust deeds, standard form letters of credit and guarantees)

Fact of intention

The Society forms intention to amend

As soon as practical

1LLD 17.8.3 R

Society

Full details of form of new Lloyd's trust deed or amendments to byelaw (including Lloyd's trust deeds, standard form letters of credit and guarantees)

Statement of purpose of amendment or new form; expected impact, if any on policyholders, managing agents, members and potential members; description of consultation undertaken and summary of significant responses to consultation

Not specified

Normally not less than 3 months in advance of proposed change

1LLD 18.3.13 R

Society

Change to the maximum amount of the callable contribution

Fact and details of the change

The Society proposes to change the maximum amount

Adequate advance notice, normally not less than 6 months

1LLD 19.4.15 R

Managing agents to the Society

Syndicate ICA and balancing amount in respect of each syndicate

Notification should be made periodically to the Society

As part of the annual capital-setting process, in good time for the Society to review and place appropriate reliance on them when determining capital assessments for each member

1LLD 19.4.23 R

Managing agents to the Society

At any time, any significant doubt about the adequacy of a syndicate ICA or balancing amount with respect to syndicate risks and controls

Revised syndicate ICA and balancing amount

The managing agent considers that syndicate ICA and balancing amount communicate in the setting capital setting process are no longer adequate in the light of the risks to which the syndicate business is exposed

Immediately

1LLD 21.3.4R (2)

Managing agents to the Society

Syndicate liabilities not covered by matching syndicate assets as required by PRU 4.2.53 R

Nature and extent of syndicate liabilities not covered by matching syndicate assets as required by PRU 4.2.53 R

Syndicate liabilities are no longer covered by matching syndicate assets as required by PRU 4.2.53 R

Immediately