»Ê¹ÚÌåÓýapp

This guidance applies to worldwide group periods of account ending before or straddling 1 April 2017.

Members of Lloyd’s can be treated as undertaking qualifying activities

»Ê¹ÚÌåÓýapp setup at Lloyd’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 ‘insurance activities� mentioned at TIOPA10/S269 (1). Section 269 (6) is intended to deal with the fact that Lloyd’s as a Society, and its members ‘taken together� 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.