balancing amount
11 in respect of a syndicate, any part of the capital resources that:
- (a) the managing agent of the syndicate has assessed to be necessary to support the insurance business carried on by the members of the syndicate through the syndicate, including those capital resources required to support the risks arising at syndicate level that affect that business; but
- (b) are not managed by or at the direction of the managing agent of the syndicate.