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Financial Services and Markets Act 2000
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Changes over time for: Section 320
Alternative versions:
- 03/09/2001- Amendment
- 01/04/2013- Amendment
- 31/12/2020
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Financial Services and Markets Act 2000, Section 320 is up to date with all changes known to be in force on or before 22 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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320 Former underwriting members.U.K.
This section has no associated Explanatory Notes
(1)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.
(2)If he is an authorised person, any [F1Part 4A permission] that he has does not extend to his activities in carrying out any of those contracts.
(3)[F2The PRA] 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.
(4)A person on whom a requirement is imposed may refer the matter to the Tribunal.
[F3(5)In the event that the activity of effecting or carrying out contracts of insurance as principal is not to any extent a PRA-regulated activity, the function conferred on the PRA by subsection (3) is exercisable instead by the FCA.
(6)Accordingly, in that case—
(a)references in section 321 to the PRA are to be read as references to the FCA, and
(b)the reference in section 321(13) to the FCA is to be read as a reference to the PRA.]
Textual Amendments
F1Words in s. 320(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(9)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 320(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(9)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3S. 320(5)(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(9)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 320 wholly in force at 1.12.2001; s. 320 not in force at Royal Assent see s. 431(2); s. 320(3)(4) in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 320 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
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