Prudential Regulation Authority Rulebook

3.1

Where a provision in the Solvency II Firms Sector of the PRA Rulebook is expressed to apply to the Society “in accordance with” this Chapter, the Society must:

1. (1) manage each member’s funds at Lloyd’s;
2. (2) carry out any applicable calculations in respect of each member’s funds at Lloyd’s;
3. (3) manage its central assets and central liabilities;
4. (4) where the context requires, supervise the insurance business carried on by each member at Lloyd’s; and
5. (5) take such further steps as may be required,

in order to achieve, in relation to those assets and liabilities and that insurance business, the same effect as the relevant provision of the Solvency II Firms Sector of the PRA Rulebook would have (that is, conforming with the requirements of any rule) when applied to a UK Solvency II firm.

3.2

Where a provision in the Solvency II Firms Sector of the PRA Rulebook is expressed to apply to a managing agent “in accordance with” this Chapter, the managing agent must, in relation to each syndicate managed by it and for each syndicate year:

1. (1) manage the syndicate assets and syndicate liabilities;
2. (2) manage the insurance business carried on by the members of the syndicate through that syndicate; and
3. (3) take such further steps as may be required,

in order to achieve, in relation to those syndicate assets and syndicate liabilities and that insurance business, the same effect as the relevant provision of the Solvency II Firms Sector of the PRA Rulebook would have (that is, conforming with the requirements of any rule) when applied to a UK Solvency II firm.