Duty to inform Council of circumstances that may give rise to an application
1. An individual member shall inform the Council as soon as he becomes aware of circumstances which may entitle him to claim compensation under the scheme.
The application
2. An application for compensation under the scheme shall be made in writing to the Council and shall include such information or documents as may be relevant to the determination of the application including –
(a) a statement as to the amount of the liability of the underwriting agent to the applicant;
(b) information as to whether the underwriting agent is unable, or unlikely to be able, fully to meet that liability; and
(c) subject to [3.] below, a copy of the judgment as required by 2. in Members’ Compensation Scheme: Eligibility for compensation.
3. Where no relevant judgment has been obtained, the applicant shall state whether he intends to seek a judgment in support of his application. If the applicant wishes to request that the Panel considers whether to agree that it is appropriate for an application to be made without a judgment as required by 2. Members’ Compensation Scheme: Eligibility for compensation he shall provide written representations to the Panel as to why exceptional circumstances exist that may cause the Panel to agree that it is appropriate for an application to be made without a judgment (a “request for application without judgment”).
Notification to other members
4. The Panel shall, as soon as reasonably practical after an application is made for compensation under the scheme which is based upon facts and matters which have not formed the basis of a previous or similar application, notify the individual members of the Society of that application. Notification may be given in such terms as the Panel thinks fit and may be given to members via their members’ agents or on the Lloyd’s website.
5. Any other application based upon substantially the same facts and matters shall be made within 6 months after the date of such notification under [4. above] or within such other time as the Panel may permit.
Powers of the Panel
6. At any time the Panel may hold a preliminary hearing for such purposes as the Panel think fits including for the purpose of –
(a) giving directions or other orders; and
(b) where appropriate, either –
(i) considering whether there exist exceptional circumstances such that the Panel is satisfied that it is appropriate for an application to be made without a judgment pursuant to 2. Members’ Compensation Scheme: Eligibility for compensation; or
(ii) ordering that the application is stayed pending the applicant obtaining a judgment or for any other reason.
7. The Panel may at any time require an applicant to provide such other information, documents or other materials or answer any questions as the Panel thinks fit.
8. The Panel may determine to consider the application or a request for application without judgment at the same time as any other applications or requests for application without judgment.