Power to order inquiries
2. The Council may order an inquiry into –
(a) the suitability, conduct or affairs of any person who is subject to the enforcement jurisdiction of the Society; or
(b) any frauds, crimes, malpractices or misconduct, or circumstances having the appearance of frauds, crimes, malpractices or misconduct committed or intended to be committed in connection with the business of insurance at Lloyd’s;
where the Council considers that such an inquiry is necessary or appropriate.
Conduct of inquiries
3. An inquiry shall be conducted by such person as may from time to time be nominated by the Council and the Council may from time to time prescribe requirements relating to the conduct of inquiries.
Inquiry powers
4. Where it appears to a person conducting an inquiry that any person who is subject to the enforcement jurisdiction of the Society has in his or its possession, custody, power or control information, documents or other materials relating to or connected with any matter being inquired into, then the person conducting the inquiry may require that person –
(a) to attend before him or his agents at such time and such place as he may specify;
(b) to give oral evidence to him or his agents and to answer questions or otherwise provide information to him or his agents;
(c) to produce or give to him or his agents all such documents or other materials in his or its possession, custody or power;
where the person conducting the review requires the information, documents or other materials for the purposes of the inquiry.
5. Where a person conducting an inquiry has required the production of documents or other materials under [4.] above, that person may require any person who is subject to the enforcement jurisdiction of the Society –
(a) to provide him or his agents with all reasonable facilities in its premises for the purposes of examining or reviewing any such documents or other materials;
(b) to permit him or his agents to copy or take extracts from them on the premises or elsewhere;
(c) to provide an explanation of them; and
(d) if any of such documents or materials are not produced, to state, to the best of his or its knowledge and belief, where such documents or other materials are.
Power to require production of a skilled person report
6. The Council may require any person that is subject to the enforcement jurisdiction of the Society to provide it with a report on any matter about which the Council may order an inquiry of under [5. above]. The Council may require that the report –
(a) be undertaken by a person nominated or approved by the Council with every assistance of any person who is subject to the enforcement jurisdiction of the Society in question as the person conducting the inquiry may reasonably require;
(b) contain such information and be in such form as the Council may determine;
(c) be undertaken at the cost of the relevant person that is subject to the enforcement jurisdiction of the Society; and
(d) be submitted to the Council by no later than such date as it may prescribe.