Part IV

Special Classes of Insurers

Lloyd’s underwriters —financial resources.
84
1
Subject to such modifications as may be prescribed and to any determination made by the Treasury in accordance with regulations, sections 32, 33 and 35 above shall apply to the members of Lloyd’s taken together as they apply to an insurance company to which Part II of this Act applies and whose head office is in the United Kingdom.
2
The powers conferred on the Treasury or the Secretary of State by sections 38 to 41, 44 and 45 above shall be exercisable in relation to the members of Lloyd’s if there is a breach of an obligation imposed by virtue of subsection (1) above.
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)
S. 84: power to contract out certain functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 53
Words in s. 84(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 47(a) (with art. 7)
Words in s. 84(2) inserted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 47(b) (with art. 7)