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Insurance Companies Act 1982

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This is the original version (as it was originally enacted).

85Lloyd's underwriters-transfer of business

(1)Sections 49 to 52 above shall apply in relation to transfers to and from members of Lloyd's if, and only if, the conditions specified in subsection (2) below are satisfied.

(2)The conditions referred to in subsection (1) above are—

(a)that the transfer is not one where both the transferor and the transferee are members of Lloyd's ;

(b)that the Committee of Lloyd's have by resolution authorised one person to act in connection with the transfer for the members concerned as transferor or transferee ;

(c)that a copy of the resolution has been given to the Secretary of State.

(3)Where sections 49 and 50 or sections 51 and 52 above apply in relation to a transfer to or from members of Lloyd's they shall apply as if—

(a)references to insurance companies to which Part II of this Act applies, or to persons authorised under section 3 or 4 of this Act, included references to members of Lloyd's; and

(b)anything done in connection with the transfer by theperson authorised in accordance with subsection (2)(b) above had been done by the members for whom he acted.

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