Section 317: The core provisions
569.The core provisions which the Authority may decide to apply to members of Lloyd’s under section 316 relate to:
the performance of regulated activities;
rules and guidance;
information gathering and investigations;
control over authorised persons;
compensation scheme;
ombudsman scheme;
auditors and actuaries;
insolvency
restitution and injunctions
notices.
570.Subsection (3) enables the Authority to apply a core provision with modifications. This will enable the practical role played by the Society and underwriting agents in the day to day business affairs of members to be reflected in the regulatory arrangements.
