Power to make an intervention order
1. The Council may on such terms and conditions as it thinks fit make an intervention order restricting or suspending the permission, consent, registration or right of any person subject to the enforcement jurisdiction of the Society to transact, or be concerned or interested in the transaction of, insurance business at Lloyd’s. The intervention order may be for a period not exceeding 6 months, provided that the Council may make one or more further intervention orders to commence on the date of expiry of any previous intervention order.
2. The Council shall only make an intervention order where it considers that the making of such an order is required in order to prevent or reduce the risk of serious harm being caused to the interests of the Society, members, underwriting agents or Lloyd’s policyholders.
3. The Council may from time to time prescribe requirements to govern the commencement, procedure and conduct of intervention order proceedings.