A former underwriting member may carry out each contract of insurance that he has underwritten at Lloyd’s whether or not he is an authorised person.

If he is an authorised person, any Part IV permission that he has does not extend to his activities in carrying out any of those contracts.

The Authority may impose on a former underwriting member such requirements as appear to it to be appropriate for the purpose of protecting policyholders against the risk that he may not be able to meet his liabilities.

A person on whom a requirement is imposed may refer the matter to the Tribunal.