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16.—(1) Where a corporate member ceases to carry on its underwriting business, whether by reason of being wound up or otherwise, its final underwriting year shall, in the cases specified in paragraphs (2) to (5) below, be ascertained in accordance with the provisions of those paragraphs.
(2) In any case where a letter is issued by the Membership Department of Lloyd’s to the corporate member or its agent inviting an application for the repayment of the corporate member’s deposit, the corporate member’s final underwriting year shall be not later than the underwriting year in which falls the date which is 180 days after the date of issue of the letter.
(3) In any case where the corporate member’s deposit at Lloyd’s is paid over to a person other than the corporate member, its final underwriting year shall be the underwriting year in which its deposit is so paid over or, where paragraph (2) above applies and the underwriting year specified in that paragraph is earlier, that earlier underwriting year.
(4) In any case where the corporate member or another person is released from any arrangement entered into by the corporate member or that person in order to satisfy the requirement on the part of the corporate member to provide a deposit at Lloyd's, the corporate member’s final underwriting year shall, except in a case to which paragraph (5) below applies, be the underwriting year in which the release occurs.
(5) In any case where the corporate member’s deposit at Lloyd’s is extinguished or released before the last open year of account of any syndicate of which it is a member is closed, the corporate member’s final underwriting year shall be either—
(a)the underwriting year next following the underwriting year in which the last open year of account of any syndicate of which it was a member is closed or, if later,
(b)the underwriting year in which the corporate member ceases to be a member of Lloyd’s under the rules or practice of Lloyd's.
(6) For the purposes of this regulation, the last open year of account of a syndicate of which a person is a corporate member shall be regarded as having closed when the member is treated under the rules or practice of Lloyd’s as having been discharged of all its liabilities in relation to that syndicate, whether by the syndicate closing its accounts or by the member entering into a quota share contract.
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