Underwriting Agents

_{Agency Agreements Byelaw, paragraph 3}

2.1 (a) No managing agent shall underwrite insurance business on behalf of an underwriting member or provide any other services as a managing agent to an underwriting member; and

(b) no underwriting member shall authorise or continue to authorise a managing agent to underwrite insurance business on his behalf or agree to receive or to continue to receive any other services provided by a managing agent in that capacity;

otherwise than –

(i) in the case either of a member who is an individual or of a corporate member, in pursuance of an agreement in the terms of the standard managing agent’s agreement (general) entered into in the manner specified in the standard members’ agent’s agreement and (except where the managing agent is acting as the members’ agent of the underwriting member) the standard agents’ agreement; or

(ii) in the case of a corporate member, in pursuance of an agreement in the terms of the standard managing agent’s agreement (corporate member).
_{Agency Agreements Byelaw, paragraph 3(1)}

2.2 The Council may from time to time, with effect from 1 January in the year next following, prescribe the manner in which and the intervals and the times at which managing agents’ fees and profit commission are to be paid.

_{Agency Agreements Byelaw, paragraph 3(2)}

2.3 The Council may specify circumstances in which any transaction, arrangement, relationship, act or event (whether or not directly involving the managing agent in question) which would or might otherwise be regarded as constituting or giving rise to a contravention of any obligation of a managing agent under paragraph (b) or (d) of clause 4.2 of such an agreement as is referred to in [2.1(i) or (ii)] above, or under any corresponding obligation implied by law in relation to conflicts of duty or interest, or as requiring a managing agent to account to a member of the Society for any gain or profit such as is referred to in paragraph (c) of that clause, shall not be regarded as constituting such a contravention or as giving rise to any such obligation to account.

_{Agency Agreements Byelaw, paragraph 3(3)}

2.4 The circumstances specified by the Council under [2.3] above may include the satisfaction of such conditions and the observation of such requirements as may appear to the Council to be appropriate.

_{Agency Agreements Byelaw, paragraph 3(4)}

2.5 Without limiting the generality of [2.4] above, any such conditions and requirements as are referred to in that sub-paragraph may include:

(a) conditions or requirements relating to the obtaining of the consent or approval of members of a syndicate or of such number or proportion of such members, determined in such manner, as may be specified;

(b) where any such approval is to be obtained through a ballot of members of a syndicate, conditions or requirements relating to the calling and conduct of the meeting and the manner of voting at the ballot;

(c) conditions or requirements relating to the provision to members of a syndicate and, if so specified, to other persons, of such information or other material, supported or verified in such manner, as may be specified.

_{Agency Agreements Byelaw, paragraph 3(5)}

2.6 The powers of the Council under [2.3., 2.4 and 2.5] above may be exercised:

(a) in relation generally to agreements in the terms of the standard managing agent’s agreement (general) or the standard managing agent’s agreement (corporate member);

(b) in relation to agreements in the terms of the standard managing agent’s agreement (general) or the standard managing agent’s agreement (corporate member) falling within such description or category as may appear to the Council to be appropriate; or

(c) in relation to a particular agreement or to particular agreements in the terms of the standard managing agent’s agreement (general) or the standard managing agent’s agreement (corporate member).

_{Agency Agreements Byelaw, paragraph 3(6)}

_{Agency Agreements Byelaw, paragraph 4}

3.1 (a) No members’ agent shall arrange for a managing agent to underwrite or continue to underwrite insurance business on behalf of an underwriting member for whom that members’ agent acts as members’ agent, or to provide any other services as a managing agent to such an underwriting member; and

(b) no managing agent shall arrange or agree with a members’ agent that the managing agent will underwrite insurance business on behalf of an underwriting member for whom that members’ agent acts as members’ agent or in pursuance of such an agreement or arrangement provide any other services as a managing agent to such an underwriting member or continue to underwrite insurance business on behalf of, or provide any other services as a managing agent, to any such underwriting member;

otherwise than in pursuance of an agreement in writing in the form and terms of the standard agents’ agreement.

_{Agency Agreements Byelaw, paragraph 4(1)}

3.2 Subject to [3.4 below], in any case where a managing agent’s appointment by an underwriting member under an agreement between them in the form and terms of the standard managing agent’s agreement (general) is to terminate under the provisions of:

(a) clause 11.4 of that agreement; or

(b) clause 11.5 of that agreement pursuant to a notice served by the underwriting member’s members’ agent under clause 7.1(o) of the agreement in the form and terms of the standard members’ agent’s agreement between the underwriting member and the members’ agent:

the managing agent shall for the purpose of clause 11.11 of the agreement between the underwriting member and the managing agent, if the underwriting member so elects by 31st October in the relevant year (as defined in that agreement):

(i) enter into an agreement in the form and terms of the standard agents’ agreement with such members’ agent of the member as is specified by that member; and

(ii) execute an agents’ syndicate list ancillary thereto for the year of account corresponding to the year next following,

under the terms of which the managing agent is deemed to enter into an agreement in the form and terms of the standard managing agent’s agreement (general) with that underwriting member in relation to the syndicate concerned for that year of account and subsequent years of account.

_{Agency Agreements Byelaw, paragraph 4(2)}

3.3 Subject to [3.4 below], in any case where a nomination such as is referred to in clause 11.A.2 of an agreement in the terms of the standard managing agent’s agreement (general) or the standard managing agent’s agreement (corporate member) pursuant to or in connection with any of the arrangements referred to in 1.1 Agency Agreements: Assignment of Syndicate Participations (a ‘‘participation nomination’’) the managing agent shall do all such acts and things and execute all such documents as shall be necessary or expedient on its part to give effect to any such participation nomination including (but not limited to):

(i) entering into an agreement in the form and terms of the standard agents’ agreement with such members’ agent of the member in whose favour such participation nomination is made as is specified by that member; and

(ii) executing an agents’ syndicate list ancillary thereto for the year of account corresponding to the year next following, under the terms of which the managing agent is deemed to enter into an agreement in the form and terms of the standard managing agent’s agreement (general) with that underwriting member in relation to the syndicate concerned for that year of account and subsequent years of account.

_{Agency Agreements Byelaw, paragraph 4(3)}

3.4 The Council may, on application by the managing agent concerned, waive or vary the requirements of [3.2 or 3.2 above] in any particular case if it thinks fit.

Agency Agreements Byelaw, paragraph 4(4)