LLD Sch 1 Record keeping requirements
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
It is not a complete statement of those requirements and should not be relied on as if it were. In particular, in accordance with the application rules in LLD 16 to LLD 25, the Society and managing agents are subject to prudential requirements in PRU which include record keeping requirements. They should refer to the relevant Schedules to PRU for a view of those requirements. |
Handbook reference |
Subject of record |
Contents of record |
When record must be made |
Retention period |
Delegation of responsibility for carrying out the Society's regulatory functions |
Not specified |
Not specified |
Not specified |
|
Records of any committee with delegated authority to carry out the Society's regulatory functions |
Should include minutes of its meetings |
Not specified |
Not specified |
|
An individual's or other person's exercise of his delegated authority to carry out the Society's regulatory functions |
Not specified |
Not specified |
Not specified |
|
Interests of those involved in carrying out the Society's regulatory functions |
Register of interests |
Not specified |
Not specified |
|
Conflicts of interest of those involved in carrying out the Society's regulatory functions |
Disclosures of conflicts of interest and the steps taken to handle them |
Not specified |
Not specified |
|
Transactions in the capacity transfer market |
Adequate audit trails |
Not specified |
Not specified |
|
Notifications made to the Society by, or on behalf of, certain persons who have ceased to be underwriting members |
Changes of address and deaths of certain persons who have ceased to be underwriting members |
Not specified |
Not specified |
|
Complaints from members or former members involving allegations that they have suffered, or may suffer, financial loss, material distress or material inconvenience |
Not specified |
Not specified |
Minimum period of 3 years from receipt of complaint |
|
Accounting records |
Normally not less than 10 years |
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Managing agents' records |
Various records and analyses of underwriting and claims |
Not specified |
Not specified |