Additional underwriting requirements

^{M&URs, section 7.1}

1. Every member shall:

 a) procure that all underwriting receipts by or on behalf of the member in respect of such business are carried to the premiums trust fund subject to a premiums trust deed in the form prescribed for general business and/or long term business as appropriate;

 b) on such date as the Council may prescribe, execute, or procure the execution of, a premiums trust deed in the then prescribed form for general business and, where applicable, long term business;

 c) on a continuing basis throughout the period of its membership comply with these conditions and requirements and provide such additional documentation or deeds of undertaking required by the Council as and when requested; and

 d) supply or have supplied a copy of any certificate evidencing the registration or variation of a charge made pursuant to a filing made under paragraph 1.3F.

^{M&URs, section 7.1A}

2. Where during any year of membership any person becomes:

 a) an additional or replacement director of a member;

 b) a controller of a member;

 c) a member of a LLP which is a member at Lloyd’s;

 d) a partner of a SLP which is a member of Lloyd’s;

that member shall procure that that person completes a questionnaire on fitness and propriety in

whichever of the prescribed forms is applicable in the circumstances, unless that person is exempted from the requirement to do so pursuant to paragraph [3. below]. Approval must be sought from the Society prior to any appointment.

^{M&URs, section 7.1B}

3. Unless the Council shall otherwise require, the following persons are exempted from providing a questionnaire on fitness and propriety under paragraph [2. above]:

a) a member of the Society;

b) a person who has already been approved, or has made an application to be approved, as a director, LLP member, limited partner or controller of another corporate member or as a director or controller of a managing agent;

c) a person who is approved by the FCA or the PRA as a controller of an authorised firm[.]

^{M&URs, section 7.1C}

4. The provisions of paragraph 3 of Underwriting: Supplemental and Commencement shall apply to such documentation as is required to be entered into by a member of the Society.

M&URs, section 7.1D

^{M&URs, section 7.2}

5. Every declaration of compliance required to be prepared by a member shall:

a) be in the prescribed form and prepared as at the date each year prescribed by the Council;

b) contain such information relating to the collateral supporting any LOC provided as part of the member’s FAL as the Council may require; and

c) be filed with the Council for approval within 30 days after the date to which the declaration of compliance has been prepared.

^{M&URs, section 7.2A}

^{M&URs, section 7.3}

6. Every member registered or domiciled outside of the United Kingdom shall submit its accounts to the Council within six months of the date to which the accounts have been prepared.

^{M&URs, section 7.3A}

The following Codes have been issued under paragraph 31 of the Underwriting Byelaw.