Related provisions for SUP 18.2.45
1 - 6 of 6 items.
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.
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.
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.
The assessment is a continuing process, starting when the scheme promoters first approach the appropriate regulator7 about a proposed scheme. Each regulator will have an interest in assessing the scheme.7Among the considerations that may be relevant to both the depth of consideration each gives to, and each regulator's7 opinion on, a scheme are:77(1) the potential risk posed by the transfer to its statutory objectives7;7(2) the purpose of the scheme;(3) how the security of policyholders'
Where a transfer involves underwritingmembers or former members7 of Lloyd's as transferor or transferee, the appropriate regulator7 will consult the Society. Where the business of a syndicate is being transferred, the transfer involves all members participating in the relevant syndicate years.7
Table This table belongs to IPRU (INV) 1.2.4R Authorised professional firmChapters 1 and 2 Securities and futures firm (which is not a MiFID investment firm) Chapters 1 and 3 Securities and futures firm (which is an exempt BIPRU commodities firm or an exempt IFPRU commodities firm) Chapters 1 and 3 The Society of Lloyd's (in relation to underwriting agents) and members' advisersChapters
For the purpose of FEES 5.3.6 R and FEES 5.3.8 R, a member of the Society of Lloyd's or a managing agent at Lloyd's will not in that capacity be treated as a firm. But the Society of Lloyd's will pay a general levy in respect of Lloyd's insurance business conducted with eligible complainants.