Removal from the Register
1. The Council may at any time remove the name of a registered Lloyd’s broker from the register if that Lloyd’s broker –
(a) ceases in the opinion of the Council to be eligible to be a Lloyd’s broker;
(b) registration has expired;
(c) so requests; or
where the Council considers that it is necessary or desirable in order to protect the name, reputation or standing of the Society and of its members or their authorisation to conduct insurance business.
Intermediaries Byelaw, paragraph 53
Postponed removal
2. Where the Council considers that there are grounds for removing the name of a Lloyd’s broker from the register under any of the preceding provisions of this [paragraph the] Council may, if it considers that there is good reason to do so –
(a) postpone the removal of the name of the Lloyd’s broker from the register for such period as the Council may specify from time to time or until the Council shall otherwise determine;
(b) in connection with such postponement at any time and from time to time give such directions or impose such requirements as it may think fit, including without limitation –
(i) a direction or requirement that the Lloyd’s broker shall not carry on any business or activity, or business or activity of a specified class or description, at Lloyd’s; and
(ii) a direction or requirement that the Lloyd’s broker shall not hold itself out as a Lloyd’s broker.
Intermediaries Byelaw, paragraph 54
Permission to broke insurance business after removal
3. Notwithstanding that the name of a Lloyd’s broker has been removed from the register, the Council may, if it considers that there is good reason to do so, and on such conditions and for such period as it thinks fit, permit –
(a) that former Lloyd’s broker to continue to broke insurance business at Lloyd’s; or
(b) any other person to broke insurance business at Lloyd’s on behalf of that former Lloyd’s broker
for the purposes only of discharging the continuing functions of that former Lloyd’s broker in connection with insurance contracts and contracts of delegated authority effected by it or for which it had undertaken responsibility before the date of such removal from the register of Lloyd’s brokers.
Intermediaries Byelaw, paragraph 55