LLD TP 1 Transitional provisions
LLD TP 1 Transitional provisions
1(1) |
(2) Material to which the transitional provision applies |
(3) |
(4) Transitional provision |
(5) Transitional provision: dates in force |
(6) Handbook provision: coming into force |
1 |
R |
Where theSociety receives a complaint relating to an act or a failure to act, which occurs before commencement, it may either handle that complaint in accordance withLLD 7.2.1 R or with the complaints handling arrangements in effect at the time of the act or the failure to act. |
Indefinite |
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2 |
G |
The Society's first report to the FSA under LLD 7.4.1 G should cover the period from commencement until the end of the following December or June, whichever is earlier. |
From commencement until the end of the following December or June whichever is earlier |
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3 |
LLD 13.2.2 R and LLD 9 to LLD 15 |
R |
The Society must comply withLLD 13.2.2 R by identifying and valuing the assets of individual members that become former underwriting members before 1 January 2003 in accordance with the requirements for the identification and valuation of assets contained in the "Conditions and Requirements Relating to Solvency and Reporting" which were approved by theFSA, exercising the powers of HM Treasury under section 83 of the Insurance Companies Act 1982, and which were applicable immediately before commencement. |
Indefinite |
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4 |
LLD 13.2.2 R and LLD 9 to LLD 15 |
R |
The Society must comply with LLD 13.2.2 R by identifying and valuing the assets of individual members in accordance with the requirements for the identification and valuation of assets contained in the "Conditions and Requirements Relating to Solvency and Reporting" which were approved by the FSA, exercising the powers of HM Treasury under section 83 of the Insurance Companies Act 1982, and which were applicable immediately before commencement. |
Commencement to 31.12.2002 |
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5 |
R |
The Society need not comply with LLD 15.9 andLLD 15.11 provided the Society submits to theFSA, at the same time as the report inLLD 15.2.1 R, a Statutory Statement of Business and Audit Certificate in the form required immediately before commencement. |
Commencement to 31.12.2001 |
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6 |
G |
General transitional provisions GEN contains some technical transitional provisions that apply throughout the Handbook and which are designed to ensure a smooth transition at commencement. |
From commencement |
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17 |
R |
The Society must take each member's share of the general insurance business premiums to be his share calculated for general insurance business premiums receivable. |
1.1.2004 to 31.12.2005 |
1.1.2004 |
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18 |
R |
In calculating the Society margin, the Society must calculate the first method (premium basis) as set out in IPRU(INS) Appendix 2.1 using only gross premiums receivable and not gross premiums earned. |
1.1.2004 to 31.12.2005 |
1.1.2004 |
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19 |
R |
The Society may prepare the Lloyd's Return in respect of the financial year ending on 31 December 2003: (1) without taking account of the changes to LLD effected by the Lloyd's Sourcebook (Solvency I Directive) Instrument 2003 or the changes to IPRU(INS) effected by the Interim Prudential Sourcebook for Insurers (Solvency I Directive) Instrument 2003, provided that (2) the Society sends to the FSA, within six months of the end of that financial year, Form 9 completed in respect of that year and completed in accordance with LLD and IPRU(INS) as amended by those Instruments. The Form 9 sent to the FSA under (2) need not be audited. |
1.1.2004 to 31.12.2005 |
1.1.2004 |