Part XIX Lloyd’s

The Society

I1315 The Society: authorisation and permission.

1

The Society is an authorised person.

2

The Society has permission to carry on a regulated activity of any of the following kinds—

a

arranging deals in contracts of insurance written at Lloyd’s (“the basic market activity”);

b

arranging deals in participation in Lloyd’s syndicates (“the secondary market activity”); and

c

an activity carried on in connection with, or for the purposes of, the basic or secondary market activity.

3

For the purposes of Part IV, the Society’s permission is to be treated as if it had been given on an application for permission under that Part.

4

The power conferred on the Authority by section 45 may be exercised in anticipation of the coming into force of the Society’s permission (or at any other time).

5

The Society is not subject to any requirement of this Act concerning the registered office of a body corporate.