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LLD TP 1 Transitional provisions

LLD TP 1 Transitional provisions

1(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision: coming into force

1

LLD 7.2.1 R

R

Where theSociety receives a complaint relating to an act or a failure to act, which occurs before commencement, it may either handle that complaint in accordance withLLD 7.2.1 R or with the complaints handling arrangements in effect at the time of the act or the failure to act.

Indefinite

Commencement

2

LLD 7.4.1 G

G

Expired3

3
3 3

3

LLD 13.2.2 R and LLD 9 to LLD 15

R

The Society must comply withLLD 13.2.2 R by identifying and valuing the assets of individual members that become former underwriting members before 1 January 2003 in accordance with the requirements for the identification and valuation of assets contained in the "Conditions and Requirements Relating to Solvency and Reporting" which were approved by theFSA, exercising the powers of HM Treasury under section 83 of the Insurance Companies Act 1982, and which were applicable immediately before commencement.

Indefinite

Commencement

4

LLD 13.2.2 R and LLD 9 to LLD 15

R

Expired3

3
3 3

5

LLD 15.9 to LLD 15.11

R

Expired3

3
3 3

6

LLD

G

Expired3

3
3 3

17

LLD 11.4.8 R

R

The Society must take each member's share of the general insurance business premiums to be his share calculated for general insurance business premiums receivable.

1.1.2004 to 31.12.2005

1.1.2004

18

LLD 11.5.1 R

R

In calculating the Society margin, the Society must calculate the first method (premium basis) as set out in IPRU(INS) Appendix 2.1 using only gross premiums receivable and not gross premiums earned.

1.1.2004 to 31.12.2005

1.1.2004

19

LLD 15.2.1 R

R

The Society may prepare the Lloyd's Return in respect of the financial year ending on 31 December 2003:

(1) without taking account of the changes to LLD effected by the Lloyd's Sourcebook (Solvency I Directive) Instrument 2003 or the changes to IPRU(INS) effected by the Interim Prudential Sourcebook for Insurers (Solvency I Directive) Instrument 2003, provided that

(2) the Society sends to the FSA, within six months of the end of that financial year, Form 9 completed in respect of that year and completed in accordance with LLD and IPRU(INS) as amended by those Instruments. The Form 9 sent to the FSA under (2) need not be audited.

1.1.2004 to 31.12.2005

1.1.2004