Resignation
1. A member may apply to resign from membership of the Society by submitting a written application to the Society.
Membership Byelaw, paragraph 43
2. Unless the Council otherwise directs or requires or the provisions of [3. below] apply, an underwriting member shall become a non-underwriting member at midnight on 31 December in the year in which that member submitted an application to resign from membership of the Society.
Membership Byelaw, paragraph 44
3. Unless the Council otherwise directs, a member’s membership of the Society shall terminate at midnight on 31 December following the later of –
(a) the date on which that member submitted an application to resign from membership of the Society; and
(b) the date as from which the last year of account of every syndicate of which that member was a member (if any) was closed by reinsurance to close.
Membership Byelaw, paragraph 45
4. Any resignation from membership of the Society by a corporate member shall not take effect without the prior written consent of the Council.
Membership Byelaw, paragraph 46
5. A. A member may apply to resign from membership of Lloyd’s at any time by submitting a written application to the Society.
B. An unlimited member that ceases underwriting shall not be permitted to recommence.
C. Subject to [3. and 4. above], and except where paragraph 6E applies, a member’s membership will terminate once the member’s last syndicate year of account has also been closed by reinsurance to close. The termination letter will be sent to the member and members’ agent.
Membership & Underwriting Conditions and Requirements, paragraph 8.2 A-C
Termination of membership
6. The Council may at any time terminate a member’s membership of the Society if -
(a) the member is not suitable to be a member;
(b) the member has not underwritten insurance business at Lloyd’s for a period of three or more years;
(c) the member has failed to comply with any provision of Lloyd’s Acts 1871 to 1982 or with any requirement of the Council;
(d) the member has been convicted of a reportable criminal offence; or
(e) the member is bankrupt or insolvent.
Membership Byelaw, paragraph 47
7. In accordance with [6. above], whether or not a notice of resignation has been submitted, the Council may at any time terminate a member’s membership for any of the following reasons:
a) the member is not suitable to be a member;
b) the member has not underwritten insurance business at Lloyd’s for a period of three or more years;
c) the member has failed to comply with any provision of Lloyd’s Acts 1871 to 1982 or with any requirement of the Council (including, for the avoidance of doubt, the conditions and requirements set out in this document);
d) the member has been convicted of a reportable criminal offence; or
e) the member is bankrupt or insolvent.
Membership & Underwriting Conditions and Requirements, paragraph 8.2 D
8. Where a member’s membership terminates, the member shall do such things as the Council may direct in relation to the winding up of his underwriting business at Lloyd’s.
Membership Byelaw, paragraph 48
Former members and change of address
9. Any individual or any Scottish limited partnership who for any reason ceases to be a member of the Society shall, during any subsequent period in which that individual or Scottish limited partnership may be obliged to carry out any contract of insurance that it has underwritten –
(a) in the case of an individual –
(i) notify the Secretary to the Council in writing of any change of address not later than one month after the change; and
(ii) make and maintain arrangements for the Secretary to the Council to be notified in writing in the event of his death; and
(b) in the case of a Scottish limited partnership, notify the Secretary to the Council in writing of any change in its principal place of business not later than one month after the change.
Membership Byelaw, paragraph 49
10. The Council may require a member to execute and deliver or otherwise become a party to any prescribed form of deed, contract, undertaking or other document or instrument so as to give effect to the requirements in [9. above].
Membership Byelaw, paragraph 50
Member’s Undertaking
11. A. Every individual member agrees and undertakes that upon ceasing to be a member of the Society, during any subsequent period in which they may be obliged to carry out any contract of insurance that they have underwritten, shall comply with the provisions set out in [9. and 10. above] (former members and change of address) of the Membership Byelaw and shall:
a) notify the Secretary to the Council of Lloyd’s in writing of any change of address not later than one month after the change; and,
b) make and maintain arrangements for the Secretary to the Council of Lloyd’s to be notified in writing in event of their death.
Membership & Underwriting Conditions and Requirements, paragraph 8.1