Assignment of Syndicate Participations (Second Nomination)

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 2}

2.1 Subject to the provisions of this byelaw, if in any year one or more participation nominations are made in favour of a particular person in respect of a particular syndicate and/or a right or rights to participate in that syndicate are allocated to him by auction, that person may during that year nominate an underwriting member or underwriting members to underwrite as a member or members of that syndicate for the year of account corresponding to the next following year with a specified member’s syndicate premium limit not exceeding, or specified member’s syndicate premium limits not exceeding in the aggregate, the aggregate of: 

(a) the member’s syndicate premium limits in respect of which such participation nominations and allocations were made; and 

(b) if the managing agent, in pursuance of the requirements of the Council relating to syndicate pre-emption, has offered that person, in respect of the member’s syndicate premium limits referred to in sub-paragraph (1)(a), the opportunity to increase or required him to decrease such member’s syndicate premium limits for the next following year of account, the amount of that increase or the amount of the decrease so required as applicable, 

in substitution for that person either wholly or, as the case may be, to the extent of the member’s syndicate premium limit or limits so specified.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 2(1)}

2.2 Any second nomination shall be in writing signed by the person making it or by another person duly authorised to sign it on his behalf; and any such authority may be given in favour of such person or persons as shall be nominated by or under the authority of the Council in accordance with any applicable requirements of the Council.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 2(2)}

2.3 Unless the Council shall otherwise direct or the managing agent shall otherwise allow, any second nomination shall not be effective unless on or before the date prescribed by the Council for the purposes of clause 11A.4 of the standard managing agent’s agreement written notice of the second nomination, together with any such other documents and information as may be prescribed by or under any applicable requirements of the Council, has been delivered to the managing agent.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 2(3)}

2.4 Subject to sub-paragraph (5), a second nomination may only be made:

(a) in response to an invitation made in accordance with Schedule 2 to [Consolidated Requirements Part 2 > General Operational Matters > Mandatory Offers]; or 

(b) under an approved conversion arrangement under [Consolidated Requirements Part 2 > General Operational Matters > Conversion and Related Arrangements].

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 2(4)}

2.5 Where in any year one or more participation nominations are made in favour of a particular person in respect of a particular syndicate and/or a right or rights to participate in that syndicate are allocated to him by auction, then, if that person dies during that year, his personal representatives or such other person as may be duly authorised by law to act on behalf of his estate may make one or more second nominations for the benefit of his estate under or by the arrangements or schemes referred to in paragraphs [1.1] (a), (aa), (b) and (c) of, or with the permission referred to in paragraph [1.1] (f) of, [Consolidated Requirements Part 2 > Core Activities and Roles > Agency Agreements > Assignment of Syndicate Participations].

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 2(5)}

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 3}

3.1 Subject to sub-paragraphs [3.3] and [3.4] and paragraph 4, the managing agent shall do all such acts and things and shall execute all such documents as shall be necessary or expedient on its part: 

(a) to give effect to any second nomination; and 

(b) where in any year a person has made a second nomination in respect of part only of the member’s syndicate premium limits in respect of which participation nominations and allocations were made in his favour, to enable that person to underwrite as a member of the syndicate for the year of account corresponding to the next following year, with, in respect of such member’s syndicate premium limits, a member’s syndicate premium limit equal to the remaining part.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 3(1)}

3.2 Without limiting the generality of sub-paragraph [3.1] but subject to sub-paragraphs [3.3] and [3.4] and paragraph 4, the managing agent shall: 

(a) enter into an agreement in the terms of the standard managing agent’s agreement with the person in whose favour any second nomination has been made; 

(b) enter into an agreement in the terms of the standard agents’ agreement with the members’ agent, if any, of the person in whose favour any second nomination has been made if there is no such agreement current between that managing agent and that members’ agent; and 

(c) execute an agents’ syndicate list ancillary to the agreement referred to in subparagraph [(b)] for the year of account corresponding to the year next following.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 3(2)}

3.3 The Council may, on application by the managing agent, waive or vary the requirements of sub-paragraphs [3.2] (b) or (c) in any particular case.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 3(3)}

3.4 The obligations of the managing agent under this paragraph are subject to any direction for the time being in force given by the Council or by the Appeal Tribunal under the Agency Agreements Byelaw that effect shall not be given to a participation nomination made in favour of the person seeking to make the second nomination or for the benefit of whose estate the second nomination is sought to be made.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 3(4)}

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 4}

4.1 Where a second nomination has been made, the Council may on the application of the managing agent direct that effect shall not be given to that second nomination.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 4(1)}

4.2 The Council may prescribe such conditions and requirements with respect to applications under this paragraph as it thinks fit.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 4(2)}

4.3 Without limiting the generality of sub-paragraph [4.2], any conditions and requirements under that sub-paragraph: 

(a) may prescribe the time by which or period within which such an application must be made; 

(b) may specify the form in which such an application must be made; 

(c) may require that persons considered by the Council to be affected by such an application be notified of it and be afforded the opportunity to make representations to the Council.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 4(3)}

4.4 If the Council grants an application under this paragraph it may give such supplementary and consequential directions as appear to it to be appropriate.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 4(4)}

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 5}

5.1 Any right or entitlement conferred on any person by any provision of this byelaw, and any duty or obligation imposed on any person by any provision of this byelaw, is in addition to, and shall not be construed as limiting or being limited by, any other right or entitlement of any person, including the person entitled to make a second nomination, or any other duty or obligation of any person, including any managing agent, whether conferred or imposed by any other provision of this byelaw or otherwise.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 5(1)}

5.2 Without prejudice to sub-paragraph [5.1], no right or entitlement of the person entitled to make a second nomination which is conferred by the provisions of any agreement in the form of the standard managing agent’s agreement or under the Agency Agreements Byelaw shall be construed as being limited by any provision of this byelaw.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 5(2})

5.3 Without prejudice to sub-paragraph [5.1], no duty or obligation imposed on the managing agent by the provisions of any agreement in the form of the standard managing agent’s agreement or under the Agency Agreements Byelaw shall be construed as being limited by any provision of this byelaw.

^{Assignment of Syndicate Participations (Second Nomination) Byelaw, paragraph 5(3)}