CFM90920 - Debt cap: financial services groups: Lloyd바카라 사이트™s
This guidance applies to worldwide group periods of account ending before or straddling 1 April 2017.
Members of Lloyd바카라 사이트™s can be treated as undertaking qualifying activities
The setup at Lloyd바카라 사이트™s is unusual in that it separates between different persons the two central and mutually dependent aspects of insurance business
- supplying capital (undertaken by the Members, both private Names and large corporates) and
- professional underwriting (undertaken by the syndicate managing agent).
Both aspects fall within the term 바카라 사이트˜insurance activities바카라 사이트™ mentioned at TIOPA10/S269 (1). Section 269 (6) is intended to deal with the fact that Lloyd바카라 사이트™s as a Society, and its members 바카라 사이트˜taken together바카라 사이트™ are not strictly authorised to carry on insurance business by the FSA. Instead, the Society is authorised and given permission by statute - by Financial services and Markets Act 2000 section 315, and similarly its members, which are subject to prohibition only where the FSA so directs - FSMA00/S316.