2
Special Provisions for Lloyd’s
2.1
Neither the Society nor managing agents may permit a member to carry on any insurance business, except as a participant on one or more syndicates.
- 01/01/2016
2.2
The Society must ensure that all participants in the Lloyd’s market are made aware of their obligations under the Solvency II Firms Sector of the PRA Rulebook.
- 01/01/2016
2.3
The Society must establish and maintain effective arrangements to monitor and manage risk arising from:
- (1) conflicts of interest (including in relation to (2) to (4));
- (2) inter-syndicate transactions, including reinsurance to close and approved reinsurance to close;
- (3) related party transactions; and
- (4) transactions between members and itself.
- 01/01/2016