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. 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 |
1Handbook reference |
1Notification by |
Matter to be notified |
Contents of notification |
Trigger event |
Time allowed |
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 |
||
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 |
||
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 |
||
Information about certain complaints from members and former members |
Number, nature, resolution and referral of these complaints |
End June and end December |
1 month |
||
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 |
||
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 |
|
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 |
|
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 |
||
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 |
||
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 |
||
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 |
||
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 |
||
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 |
|
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 |