Prudential Regulation Authority Rulebook

6.1

This Chapter applies to the Society.

6.2

For the purposes of complying with the SCR Rules, the Society must categorise own funds at Lloyd’s as between:

1. (1) own funds attributable to the Society; and
2. (2) own funds attributable to members which are available to support members’ insurance business at Lloyd’s, including funds at Lloyd’s.

6.3

The Society must notify the PRA in writing, within 14 days, in the event the Council makes a determination pursuant to paragraph 8(1A) or varies a determination pursuant to paragraph 8(1B)(a) of the New Central Fund Byelaw (No 23 of 1996) as amended, that the Central Fund or a part of the Central Fund is to constitute own funds attributable to the Society for the purposes of covering the SCR for Lloyd’s.

6.4

In determining own funds at Lloyd’s in accordance with 2, the Society shall have regard to:

1. (1) the Society’s central assets and central liabilities; and
2. (2) the assets and liabilities of members, including assets which are available to support members’ insurance business at Lloyd’s, such assets including a members’ funds at Lloyd’s.