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Status: You are viewing the version of the handbook as on 2005-06-30.

LLD 15.6 Major facultative reinsurers

LLD 15.6.1R

The Society must, in connection with the general insurance business carried on by members, include in the Lloyd's Return a statement of major facultative reinsurers.

LLD 15.6.2R

A major facultative reinsurer is an insurance company to which or with respect to which:

  1. (1)

    0.5% or more of the gross premiums receivable in respect of general insurance business of the members in aggregate has been ceded; or

  2. (2)

    the addition of the amounts in items (4) and (5) of LLD 15.5.6 R produces an amount exceeding 1% of the aggregate gross assets of members.

LLD 15.6.3G

The Society should be treated as if it were a major facultative reinsurer when inter-syndicate reinsurance in aggregate exceeds the amounts set out in LLD 15.6.2 R.

LLD 15.6.4R

The statement required under LLD 15.6.1 R must include the matters listed in LLD 15.5.6 R, with appropriate amendments.