Finance Act 2009

Insurance etc

46 Insurance companies

Schedule 23 contains provisions relating to insurance companies.

47 Equalisation reserves for Lloyd’s corporate and partnership members

(1) The Treasury may by regulations provide for section 444BA of ICTA (equalisation reserves) to have effect, in such cases and subject to such modifications as may be specified in the regulations, in relation to equivalent Lloyd’s reserves as it has effect in relation to equalisation reserves maintained by virtue of equalisation reserves rules.

(2) For this purpose a reserve is an equivalent Lloyd’s reserve if it is maintained by a corporate or partnership member for purposes, or in a manner, such as to make it equivalent to an equalisation reserve maintained by virtue of equalisation reserves rules.

(3) The regulations may include—

(a) provision having effect in relation to periods before they are made, and

(b) supplementary, incidental, consequential and transitional provision.

(4) In this section—

• “corporate member” means a body corporate which is a member of Lloyd's;

• “equalisation reserves rules” has the same meaning as in section 444BA of ICTA (see subsection (11) of that section);

• “member” means underwriting member;

• “partnership member” means a limited partnership formed under the law of Scotland, or a limited liability partnership formed under the law of any part of the United Kingdom, which is a member of Lloyd's.