Related provisions for INSPRU 8.4.1

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INSPRU 8.4.2GRP
The rules and guidance in this chapter are intended to promote confidence in the market at Lloyd's, and to protect certain consumers of services provided by the Society in carrying on, or in connection with or for the purposes of, its regulated activities. They do this by ensuring that the Society appropriately and effectively regulates the capacity transfer market so that it operates in a fair and transparent manner.
INSPRU 8.4.3RRP
The Society must make appropriate byelaws governing conduct in the capacity transfer market.
INSPRU 8.4.5GRP
The Society should have adequate and effective arrangements to:(1) record and monitor transactions in the capacity transfer market, and maintain adequate audit trails; and(2) suspend or annul transactions where appropriate.
INSPRU 8.4.6GRP
The Society should regularly review the byelaws referred to in INSPRU 8.4.3 R, taking account of the standards of conduct required in other UK financial markets.
INSPRU 8.4.7GRP
The Society should consult members and underwriting agents before it finalises material changes in the byelaws referred to in INSPRU 8.4.3 R, and should have timely and effective arrangements for notifying them of changes in these byelaws.
INSPRU 8.2.11RRP
The Society must establish and maintain effective arrangements to monitor and manage risk arising from:(1) conflicts of interest (including in relation to (2) to (4));(2) inter-syndicate transactions, including reinsurance to close and approved reinsurance to close;(3) related party transactions; and(4) transactions between members and itself.
INSPRU 8.2.19RRP
The Society must take all reasonable steps to ensure that each member:(1) executes the appropriate Lloyd's trust deeds; and(2) carries to the appropriate Lloyd's trust fund all amounts received or receivable by the member, or on its behalf, in respect of any insurance business carried on by it.
INSPRU 8.2.20RRP
The Society must carry all amounts it receives on behalf of any member in respect of that member'sinsurance business to the appropriate Lloyd's trust fund.
INSPRU 8.2.22RRP
In complying with INSPRU 8.2.19 R to INSPRU 8.2.21 R, the Society and managing agents must take all reasonable steps to ensure that amounts received or receivable by a member in respect of general insurance business and long-term insurance business are carried to separate Lloyd's trust funds.
INSPRU 8.2.23RRP
The Society must, as soon as it is practical to do so, notify the FSA of its intention to approve the form of any new Lloyd's trust deed.
INSPRU 8.2.24RRP
The Society must, as soon as it is practical to do so, notify the FSA of its intention to make any amendment which may alter the meaning or effect of any byelaw, including:(1) any Lloyd's trust deed;(2) any standard form letter of credit prescribed by the Society from time to time; or(3) any standard form guarantee agreement prescribed by the Society from time to time.
INSPRU 8.2.25RRP
The Society must provide the FSA with full details of:(1) the form of any new Lloyd's trust deed it intends to approve, as described in INSPRU 8.2.23 R and(2) any amendments falling within INSPRU 8.2.24 R.
INSPRU 8.2.26RRP
The Society must consult interested parties in relation to any new Lloyd's trust deed and in relation to any amendment falling within INSPRU 8.2.24 R.
INSPRU 8.2.27GRP
Except in urgent cases, the Society should consult in relation to any new Lloyd's trust deed or amendments before the new deed or amendments take effect.
INSPRU 8.2.28RRP
The information provided to the FSA by the Society under INSPRU 8.2.25 R must include:(1) a statement of the purpose of any proposed amendment or new Lloyd's trust deed and the expected impact, if any, on policyholders, managing agents, members, and potential members; and(2) a description of the consultation undertaken under INSPRU 8.2.26 R including a summary of any significant responses to that consultation.
FEES 4.4.1RRP
A firm (other than the Society ) must notify to the FSA the value (as at the valuation date specified in Part 3 of FEES 4 Annex 1) of each element of business on which the periodic fee payable by the firm is to be calculated.
FEES 4.4.2RRP
A firm (other than the Society) must send to the FSA in writing the information required under FEES 4.4.1 R as soon as reasonably practicable, and in any event within two months, after the date specified as the valuation date in Part 3 of FEES 4 Annex 1.
SUP 15.3.22DRP
3SUP 15.3.23 D to SUP 15.3.25 D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective of enabling the FSAto:(1) comply with its general duty under section 314 of the Act (Authority's general duty);(2) determine whether underwriting agents, or approved persons acting for them or on their behalf, are complying with the requirements imposed on them by or under the Act;(3) enforce the provisions of the
SUP 15.3.23DRP
3The Society must immediately inform the FSA in writing if it becomes aware that any matter likely to be of material concern to the FSA may have arisen in relation to:(1) the regulated activities for which the Society has permission; or (2) underwriting agents; or (3) approved persons or individuals acting for or on behalf of underwriting agents.
SUP 15.3.24DRP
3The Society must inform the FSA if it commences investigations or disciplinary proceedings relating to apparent breaches:(1) of the Act or requirements made under the Act, including the threshold conditions or the Principles or other rules, by an underwriting agent; or(2) of the Statements of Principle by an individual or other person who carries out controlled functions for or on behalf of an underwriting agent.
SUP 15.3.25DRP
3The Society must inform the FSA if it commences investigations or disciplinary proceedings which do not fall within the scope of SUP 15.3.24 D but which:(1) involve an underwriting agent, or an approved person who carries out controlled functions for it or on its behalf; or (2) may indicate that an individual acting for or on behalf of an underwriting agent may not be a fit and proper person to perform functions in relation to regulated activities.
FEES 6.1.1RRP
1This chapter applies to:(1) every participant firm;(2) the FSCS; and(3) the Society.
FEES 6.1.2GRP
(1) Firms which are not participant firms (such as certain types of incoming EEA firms, service companies and ICVCs) are not required to contribute towards the funding of the compensation scheme.(2) Although a member is a participant firm for the purposes of most provisions of COMP, a member is excluded from the definition of participant firm for the purposes of FEES 6 (see definition of participant firm in Glossary). This is because the fees levied in relation to the carrying
SUP 18.2.45GRP
Where a transfer involves members of Lloyd's as transferor or transferee, any notice requirements of the Society will also apply.
SUP 18.2.51GRP
The assessment is a continuing process, starting when the scheme promoters first approach the FSA about a proposed scheme. Among the considerations that may be relevant to both the depth of consideration given to, and the FSA's opinion on, a scheme are:(1) the potential risk posed by the transfer to the regulatory objectives;(2) the purpose of the scheme;(3) how the security of policyholders' (who include persons with certain rights and contingent rights under the policies) contractual
SUP 18.2.56GRP
Where a transfer involves members of Lloyd's as transferor or transferee, the FSA will consult the Society. Where the business of a syndicate is being transferred, the transfer involves all members participating in the relevant syndicate years.
SUP 4.1.2GRP
This chapter applies to long-term insurers (including friendly societies) and other friendly societies and to the Society of Lloyd's and managing agents at Lloyd's2. This chapter does not apply to actuaries advising the auditors of long-term insurers under IPRU(INS) 9.35(1A) or IPRU(FSOC) 5.11(2A), as they are not appointed to act on behalf of the firm.32
FEES 4.3.3RRP
The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society) calculated as follows:(1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2 which apply to the business of the firm for the period specified in that annex;(2) for each of thosetariffs, calculate the sum payable in relation to the business of the firm for that period, applying any minimum fee discount as may be applicable (see FEES 4.3.16 R)9;(3) add together the amounts calculated
FEES 4.3.5RRP
The periodic fee referred to in FEES 4.3.1 R in relation to the Society is specified against its name in FEES 4 Annex 2.
DISP 1.1.7RRP
(1) A firm which does not conduct business with eligible complainants and has no reasonable likelihood of doing so is exempt from DISP 1.2 - DISP 1.7, if:(a) it has notified the FSA in writing that those conditions apply ; and(b) the conditions in fact continue to apply.(2) The exemption takes effect from the date on which the notice was received by the FSA.(3) In (1), conducting business means carrying on any of the activities to which the rules in DISP 2.6 apply with or for
FEES 4.1.5GRP
The Society of Lloyd's, which has permission under section 315(2) of the Act (The Society: authorisation and permission), has its own fee block.
SUP 15.7.14GRP
The FSA has made arrangements with the Society of Lloyd's with respect to the monitoring of underwriting agents. Underwriting agents should check whether these arrangements provide for any notifications required under this chapter to be sent to the Society instead of to the FSA. [For further details see the FSA website.]
PERG 2.10.10GRP
But under section 316 of the Act (Direction by the FSA) the general prohibition does not apply to a person who is a member of the Society of Lloyds unless the FSA has made a direction that it should apply. The general prohibition is disapplied in relation to any regulated activity carried on by a member relating to contracts of insurance written at Lloyds. Directions can be made by the FSA in relation to individual members or the members of the Society of Lloyds taken together.
SUP 6.2.14GRP
A firm making an application to vary or cancel its Part IV permission which requires any approval from the Society of Lloyd's should apply to the Society for this at the same time as applying to the FSA for the variation or cancellation. See SUP 6 Annex 4 for additional procedures.
DISP 4.2.3RRP
DISP 1.5.1 R contains a requirement for a firm in the Compulsory Jurisdiction to make and retain records of complaints subject to DISP 1.4 - DISP 1.6 for a minimum period of three years from the date of its receipt of a complaint. Although this requirement is not applied to VJ participants, they may need to keep records of complaints for sufficient time to enable them to provide the Ombudsman with necessary information in the event of a complaint being referred to the Financial
FEES 1.1.2RRP
This manual applies in the following way:(1) FEES 1, 2 and 3 apply to:(a) every applicant for Part IV permission (including an incoming firm applying for top-up permission);(b) every Treaty firm that wishes to exercise a Treaty right to qualify for authorisation under Schedule 4 to the Act (Treaty rights) in respect of regulated activities for which it does not have an EEA right; (c) every applicant for a certificate under article 54 of the Regulated Activities Order;(d) every
SYSC 1.4.2RRP
A contravention of a rule in SYSC 11 to SYSC 18 does not give rise to a right of action by a private person under section 150 of the Act (and each of those rules is specified under section 150(2) of the Act as a provision giving rise to no such right of action).
SYSC 12.1.1RRP
1Subject to SYSC 12.1.2 R to SYSC 12.1.4 R, this section applies to each of the following which is a member of a group:(1) a firm that falls into any one or more of the following categories:(a) a regulated entity;(b) an ELMI;(c) an insurer;(d) a BIPRU firm;(e) a non-BIPRU firm that is a parent financial holding company in a Member State and is a member of a UK consolidation group; and(f) a firm subject to the rules in IPRU(INV) Chapter 14.(2) a UCITS firm, but only if
COND 2.5.6GRP
In determining whether a firm will satisfy, and continue to satisfy, threshold condition 5 in respect of conducting its business with integrity and in compliance with proper standards, the relevant matters, as referred to in COND 2.5.4 G (2), may include but are not limited to whether:(1) the firm has been open and co-operative in all its dealings with the FSA and any other regulatory body (see Principle 11 (Relations with regulators)) and is ready, willing and organised to comply