Part XIX

Lloyd's

Former underwriting members

Requirements imposed under section 320
321
1
A requirement imposed under section 320 takes effect—
a
immediately, if the notice given under subsection (2) states that that is the case;
b
in any other case, on such date as may be specified in that notice.
2
If the Authority proposes to impose a requirement on a former underwriting member (“A”) under section 320, or imposes such a requirement on him which takes effect immediately, it must give him written notice.
3
The notice must—
a
give details of the requirement;
b
state the Authority’s reasons for imposing it;
c
inform A that he may make representations to the Authority within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);
d
inform him of the date on which the requirement took effect or will take effect; and
e
inform him of his right to refer the matter to the Tribunal.
4
The Authority may extend the period allowed under the notice for making representations.
5
If, having considered any representations made by A, the Authority decides—
a
to impose the proposed requirement, or
b
if it has been imposed, not to revoke it,
it must give him written notice.
6
If the Authority decides—
a
not to impose a proposed requirement, or
b
to revoke a requirement that has been imposed,
it must give A written notice.
7
If the Authority decides to grant an application by A for the variation or revocation of a requirement, it must give him written notice of its decision.
8
If the Authority proposes to refuse an application by A for the variation or revocation of a requirement it must give him a warning notice.
9
If the Authority, having considered any representations made in response to the warning notice, decides to refuse the application, it must give A a decision notice.
10
A notice given under—
a
subsection (5), or
b
subsection (9) in the case of a decision to refuse the application,
must inform A of his right to refer the matter to the Tribunal.
11
If the Authority decides to refuse an application for a variation or revocation of the requirement, the applicant may refer the matter to the Tribunal.
12
If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.