Part XIX

Lloyd’s

Former underwriting members

Former underwriting members.
320
1
A former underwriting member may carry out each contract of insurance that he has underwritten at Lloyd’s whether or not he is an authorised person.
2
If he is an authorised person, any Part 4A permission that he has does not extend to his activities in carrying out any of those contracts.
3
The PRA may impose on a former underwriting member such requirements as appear to it to be appropriate for the purpose of protecting policyholders against the risk that he may not be able to meet his liabilities.
4
A person on whom a requirement is imposed may refer the matter to the Tribunal.
5
In the event that the activity of effecting or carrying out contracts of insurance as principal is not to any extent a PRA-regulated activity, the function conferred on the PRA by subsection (3) is exercisable instead by the FCA.
6
Accordingly, in that case—
a
references in section 321 to the PRA are to be read as references to the FCA, and
b
the reference in section 321(13) to the FCA is to be read as a reference to the PRA.
S. 320 wholly in force at 1.12.2001; s. 320 not in force at Royal Assent see s. 431(2); s. 320(3)(4) in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 320 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
Words in s. 320(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(9)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Words in s. 320(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(9)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
S. 320(5)(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(9)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.