s 5
In forceApplication of Act to Lloyd’s
5 Application of Act to Lloyd’s
(1)
This Act applies to Lloyd’s (within the meaning of section 3 of the Insurance Act 1973), at all times after the commencement of this Act, as if Lloyd’s were a body corporate authorised under that Act to carry on insurance business.
(2)
For the purpose of this Act, Lloyd’s assets, at a particular time, are taken to be the amounts standing to the credit of all designated security trust funds (within the meaning of Part VII of the Insurance Act 1973) at that time.
(3)
Nothing in this Act imposes levy on any Lloyd’s underwriter.
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