TaxTMI 
TaxTMI 
Provisions applicable for Lloyd’s and Lloyd’s IFSC
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....ompany acts as an agent; (c) "Chain of Security", in relation to a member of Lloyd's, means the member's premiums trust fund, funds at Lloyd's as defined in paragraph 17 of the Lloyd's Membership Byelaw (No. 5 of 2005), other personal wealth of the member and the New Central Fund; (d) "Council of Lloyd's" means the Council of Lloyd's established by the Lloyd's Act 1982 of the United Kingdom; (e) "Cover-holder", in relation to a Service Company, means a person authorised by the Service Company under a binding authority to enter into a contract of insurance on behalf of the members of a syndicate - (i) for whom the Service Company acts as an agent; and (ii) who have authorised the Service Company t....
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....) 'Syndicate' means a member or group of members underwriting insurance business at Lloyd's through the agency of a managing agent or a substitute agent to which a syndicate number is assigned by the Council of Lloyd's. (k) 'Syndicates of Lloyd's IFSC' means Syndicates of Lloyd's who wish to participate in Lloyd's IFSC through a service company or coverholder delegated authority arrangement. 2. Constituents of Lloyd's IFSC include: (a) Members of Lloyd's, (b) Syndicates (c) Service companies who wish to underwrite re-insurance business on behalf of Syndicates, 3. Lloyd's IFSC being a market shall ensure that the market and the constituents are housed within an office location of Lloyd's IFSC for the....
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.... such particulars as the administrator may determine; (3) the administrator shall not register the Applicant unless it is satisfied that the (a) Applicant is a member of Lloyd's; and (b) Applicant has appointed one or more Service Companies through which it intends to transact insurance or re-insurance business in an IFSC. (4) Lloyd's IFSC in specified format shall inform the Authority the details of Members of Lloyd's who wish to participate in an IFSC; (5) The list of Members of Lloyd's underwriting through Service Companies of Lloyd's IFSC shall be furnished to the Authority on an annual basis. 6. Norms for establishing Service Companies of Lloyd's IFSC: Managing Agents of Lloyd's and compa....
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....er information as the Authority may require; and (ii) register the Applicant unless the Authority objects to the registration. (4) The service company shall indicate the syndicate(s) that it represents at Lloyd's IFSC; 8. Undertakings to be submitted by service company to Lloyd's IFSC: (1) The service company shall submit the Lloyd's Service Company Coverholder Undertaking through which the Service Company agrees to comply with all relevant rules and requirements of Lloyd's and the local legal, fiscal, taxation and regulatory authorities; (2) The service company shall also submit the Lloyd's Coverholder Decision Paper which provides detailed information on the proposed Service Company, including: ....
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.... (a) Binding insurances and amendments thereto on behalf of Members of Lloyd's; (b) Acting on behalf of Members of Lloyd's for the purpose of receiving premiums from insured, reinsured's and settling refunds and to receive claims money prior to onward transmission to insured, reinsured's; (c) management and control of expenses; (d) employment of underwriting staff; (e) Any other task that may be entrusted to it by Managing Agent to carry out the business of re-insurance in an efficient manner. (4) The service company or any coverholder authorized by the Service Company shall undertake the following - (a) issuance of documents evidencing the contracts of insurance, endorsements and o....