1. Every managing agent shall in each year, in respect of each syndicate managed by it at the solvency test date, prepare a syndicate return in respect of the insurance business carried on through that syndicate.
Solvency and Reporting Byelaw, paragraph 1
2. Every syndicate return prepared under paragraph 1 shall -
(a) include the matters and be provided in such form and manner as the Council may specify from time to time;
(b) be made up to the solvency test date or such other date as the Council may specify;
(c) be signed by the persons referred to in IPRU(INS) 9.60(4); and
(d) be filed with the Council by such date as the Council may from time to time prescribe.
Solvency and Reporting Byelaw, paragraph 2
1. Every managing agent shall procure that every syndicate return prepared by it under this byelaw be audited and reported upon by the syndicate auditor of the syndicate to which it relates.
Solvency and Reporting Byelaw, paragraph 3
The syndicate auditor shall make a report to the Council on every syndicate return audited by him.
Solvency and Reporting Byelaw, paragraph 4
2. Every report prepared under paragraph [2. above] shall -
(a) include the matters and be provided in such form and manner as the Council may specify from time to time;
(b) be signed on behalf of the syndicate auditor; and
(c) be filed with the Council by such date as the Council may from time to time prescribe.
Solvency and Reporting Byelaw, paragraph 5
Lloyd’s - solvency statements
1. The Society shall in each year prepare a solvency statement in respect of each member showing the amount of the member’s relevant liabilities and the member’s minimum capital requirement (MCR), and the amount of admissible assets available to meet such liabilities and MCR (after deducting the amount of any assets in excess of the limits set out in INSPRU 2.1 and disregarding any [central] assets).
Solvency and Reporting Byelaw, paragraph 6
2. The Society shall deliver the solvency statement prepared under paragraph [1. above] to -
(a) the member’s members’ agent; or
(b) the corporate member, where it has no members’ agent.
Solvency and Reporting Byelaw, paragraph 7
Members’ agents — solvency statements
3. A members’ agent shall on receiving a solvency statement from the Society in respect of a member for whom the members’ agent acts as such –
(a) if such statement shows that the member has a solvency shortfall, forthwith request the member to make funds available for the purpose of extinguishing such solvency shortfall; or
(b) if such statement shows that the member does not have a solvency shortfall, notify the member to that effect.
Solvency and Reporting Byelaw, paragraph 8
Duties of members
Every member in relation to whom any solvency statement shows a solvency shortfall -
(a) shall procure that sufficient admissible assets are made available to cover his relevant liabilities and MCR by such date and in such manner as the Council may from time to time prescribe; and
(b) where the member has a members’ agent, shall comply with any request made by his members’ agent to make funds available for such a purpose.
Solvency and Reporting Byelaw, paragraph 9