LLD 15.7 Major reinsurance cedants
The Society must, in connection with the general insurance business carried on by members, include in the Lloyd's Return a statement of major reinsurance cedants.
A major reinsurance cedant is an insurance company which in the financial year in question or any of the three preceding financial years:
- (1)
cedes an amount which exceeds 5% of the gross premiums receivable by members in respect of general insurance business accepted under reinsurance treaties; and
- (2)
cedes an amount which exceeds 2% of the gross premiums receivable by members in respect of general insurance business.
The Society should be treated as if it were a major reinsurance cedant when inter-syndicate cessions in aggregate exceed the amounts set out in LLD 15.7.2 R.
The statement required under LLD 15.7.1 R must include the matters listed in LLD 15.5.6 R, with appropriate amendments.