Prudential Regulation Authority Rulebook

1.1

Except in 11 and unless otherwise stated, this Part applies to:

1. (1) in accordance with Insurance General Application 3, the Society; and
2. (2) in accordance with Insurance General Application 3, managing agents, where specified.

1.2

In this Part, the following definitions shall apply:

capacity transfer market

means any method of transferring capacity in syndicates, including capacity auctions, bilateral arrangements, capacity offers, minority buy-outs and conversion schemes.

insurance business

means the regulated activities of effecting contracts of insurance or carrying out contracts of insurance written at Lloyd's.

Lloyd's member's contribution

means assets:

1. (1) provided to a managing agent in response to a cash call; or
2. (2) held by the Society as funds at Lloyds.

underwriting agent

means a firm permitted by the Council to act as an underwriting agent at Lloyd's.