The Insurance Premium Tax Regulations 1994

Representation of Lloyd’s syndicates

9.—(1) Anything required to be done by or under the Act (whether by these Regulations or otherwise) by or on behalf of a syndicate of underwriting members of Lloyd’s shall be the joint and several responsibility of the persons mentioned in paragraph (2) below; but if it is done by any of those persons it shall be sufficient compliance with any such requirement.

(2) The persons are—

(a) the underwriting members of the syndicate;

(b) the managing agent of the syndicate; and

(c) as regards any accounting period for which it is required by paragraph (3) below to act as the syndicate’s representative, Lloyd's.

(3) Where a syndicate of underwriting members of Lloyd’s has made an election that Lloyd’s shall act as its representative Lloyd’s shall so act in relation to any accounting period as regards which—

(a) that election has effect;

(b) the syndicate is registered as described in regulation 8; and

(c) the scheme established by Part V of these Regulations applies to the syndicate.

(4) An election under paragraph (3) above shall be made in writing and shall specify the first accounting period of the syndicate in respect of which the election is to have effect, being an accounting period beginning on or after the date the election is made.

(5) Subject to paragraphs (6) and (7) below, an election under paragraph (3) above shall have effect for the accounting period specified in the election and all subsequent accounting periods.

(6) An election under paragraph (3) above shall not have effect unless written notification of the election is given to the Commissioners before the beginning of the accounting period specified in the election.

(7) An election under paragraph (3) above shall cease to have effect with effect from the accounting period specified in any notice in writing given by the syndicate to the Commissioners for this purpose, being an accounting period beginning after the date the notice is given.