PART 5Inquiries and investigations

Investigations

I176Modification of section 74 in relation to Lloyd's

1

This section applies only if PRA-authorised persons include—

a

the Society, or

b

other persons who carry on regulated activities in relation to anything done at Lloyd's.

2

Section 74 has effect as if—

a

in subsection (1)(a) (and section 75(3)), the reference to a PRA-authorised person included a reference to a member of the Society,

b

in subsection (2)(a)(i), the reference to one or more PRA-authorised persons included a reference to the Society, and the members of the Society, taken together, and

c

in subsection (2)(a)(ii), the reference to a PRA-authorised person carrying on the activity of effecting and carrying out contracts of insurance included a reference to—

i

the Society, or

ii

any other person who carries on PRA-regulated activities in relation to anything done at Lloyd's.

3

In this section—

a

“PRA-regulated activity” is to be read in accordance with section 22A of FSMA 2000, and

b

terms which are defined in Lloyd's Act 1982 have the same meaning as in that Act.