1. No member shall underwrite insurance business at Lloyd’s unless permitted to do so by the Council under paragraph [2. below].
Membership Byelaw, paragraph 20
2. The Council may grant permission to any underwriting member to underwrite insurance business at Lloyd’s either indefinitely or for such period as it may specify and such permission may be granted subject to such conditions as the Council may specify.
Membership Byelaw, paragraph 21
Requirement not to carry on other business
3. No member shall underwrite on his own account insurance business of any kind except at Lloyd’s.
Membership Byelaw, paragraph 22
4. No corporate member shall –
(a) carry on any business or activity other than its underwriting business at Lloyd’s and such activities as are directly ancillary to that business; or
(b) enter into contracts or otherwise incur any liabilities (including contingent liabilities) or acquire, hold or dispose of property other than for the purpose of its underwriting business at Lloyd’s and any activities that are directly ancillary thereto.
Membership Byelaw, paragraph 23
Requirement to retain a member’s agent
5. Every member shall appoint and at all times retain a members’ agent to act in respect of its underwriting business and affairs at Lloyd’s unless the Council otherwise consents.
Membership Byelaw, paragraph 24
Setting of premium limits
6. Every member who proposes to underwrite insurance business at Lloyd’s shall set himself an overall premium limit and notify the Council of this limit. The Council may prescribe a lower overall premium limit which shall replace any limit set by the member.
Membership Byelaw, paragraph 25
7. Every member who proposes to underwrite as a member of a syndicate for a year of account shall set himself a member’s syndicate premium limit for that syndicate and notify the Council of this limit by filing a syndicate list. The Council may prescribe a lower member’s syndicate premium limit which shall replace any limit set by the member.
Membership Byelaw, paragraph 26