Directions, conditions and requirements

1. The Council may at any time give such directions or impose such conditions or requirements on any underwriting agent, substitute agent or approved run-off company (or any class or group thereof) as it thinks reasonably necessary or appropriate. A direction, condition or requirement given or imposed under this paragraph may include a direction, condition or requirement for the purposes of –

(a) ensuring that the underwriting agent, approved run-off company or substitute agent will be or will continue to be suitable to act in that capacity and, in the case of a managing agent or substitute agent, will be or will continue to be suitable to manage a syndicate;

(b) improving or seeking to improve the underwriting or the performance of the underwriting carried out by a managing agent or a substitute agent;

(c) protecting –

  (i) the name, reputation or standing of the Society or of its members;

  (ii) the general rating or ratings of the Lloyd’s market applying to policies of insurance underwritten by members of the Society;

  (iii) the assets of the Society including the assets of the New Central Fund; and

  (iv) the authorisation of members of the Society to conduct insurance business in the United Kingdom and overseas;

(d) ensuring compliance by that underwriting agent, approved run-off company or substitute agent with the provisions of the Financial Services and Markets Act 2000 and the Prudential Regulation Authority’s requirements and Financial Conduct Authority’s requirements applicable to the person in that capacity;

(e) ensuring compliance by that underwriting agent, approved run-off company or substitute agent with the requirements of Lloyd’s Acts 1871 to 1982 and the requirements of the Council; or

(f) ensuring that any director of an underwriting agent, director or partner of an approved run-off company, active underwriter or run-off manager is fit and proper or otherwise suitable to act in that capacity.

^{Underwriting Byelaw, paragraph 63}

2. The Council may from time to time add to, amend or withdraw any direction, condition or requirement given or imposed under [this Directions, conditions and requirements part].    

^{Underwriting Byelaw, paragraph 64}

3. An underwriting agent, approved run-off company or substitute agent shall act in accordance with any direction, condition or requirement given or imposed upon it under [the Underwriting Byelaw].

^{Underwriting Byelaw, paragraph 65}