The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005

Application for a Lloyd’s market reorganisation order

6.—(1) An application for a Lloyd’s market reorganisation order may be made by the Authority or by the Society, or by both.

(2) If the application is made by only one of those bodies it must inform the other body of its intention to make the application as soon as possible, and in any event before the application is lodged at the court.

(3) The Authority and the Society are entitled to be heard at the hearing of the application, regardless of which body makes the application.

(4) An application must clearly designate—

(a) any member, former member, managing agent, members' agent, Lloyd’s broker, or approved run-off company to whom the order should not apply; and

(b) every coverholder to whom the order should apply.

(5) The applicant must give notice of the application by—

(a) ensuring the posting of a copy in the Room,

(b) displaying a copy on its website, and

(c) publishing a copy

(i) in the Gazette, and

(ii) in such newspaper or newspapers within the United Kingdom and elsewhere as the applicant considers appropriate to bring the application to the attention of those likely to be affected by it.

(6) The notice must be given as soon as reasonably practicable after the making of the application, unless the court orders otherwise.