Section 316: Direction by Authority
568.This section confers on the Authority power to give directions applying the general prohibition to members of Lloyd’s or applying core provisions to members. This power can be used in relation to a member of Lloyd’s, or members taken together, though they will not, at least at the outset, be authorised persons. Directions under this section may specify the extent to which the “core provisions” of the Act, as set out in section 317, will apply to them and would impose requirements directly on the members which the Authority will be able monitor and enforce. The Authority could, for example, apply to members general rules requiring persons carrying out contracts of insurance to appoint an actuary to assess the extent of their liabilities. It could also require members to be authorised if it considers that appropriate.