The Lloyd’s Underwriters (Special Reserve Funds) Regulations 1995

Payments into or out of special reserve fund — prescribed periods

5.—(1) The period prescribed for the purposes of paragraph 3(1) of Schedule 20 is the period which begins on 1st January in the calendar year in which the profits and losses comprising the syndicate profit made by the member for the underwriting year concerned are declared and ends on 31st October in that calendar year or, if earlier, on the date on which payment is made to or on behalf of the member of an amount representing any part of the syndicate profit made by the member for that underwriting year.

(2) The period prescribed for the purposes of any payments required by paragraph 4(1) of Schedule 20—

(a) where the accounts of the syndicate have remained open beyond the end of the closing year and the cash call concerned is made—

(i) in respect of an underwriting year determined by reference to paragraph 1(2)(c) above, and

(ii) in a calendar year (“the relevant calendar year”) after the end of the closing year,

is the period which begins on 1st January in the relevant calendar year and ends on the date which is 90 days after the date on which the cash call is made on the member;

(b) in any other case, is the period which begins on 1st January in the calendar year next but one preceding the underwriting year which is the closing year for the syndicate concerned and ends on the earlier of the following dates, namely—

(i) the date which is 90 days after the date on which the cash call concerned is made on the member, and

(ii) the date which is 90 days after the end of the closing year.

(3) The period prescribed for the purposes of any payments required by paragraph 4(2) of Schedule 20 is the period which begins on 1st January in the calendar year in which the profits and losses comprising the syndicate profit or loss of the member for the underwriting year concerned are declared and ends on the earlier of the following dates, namely—

(a) 31st October in that calendar year;

(b) where there is a syndicate profit made by the member for the underwriting year concerned, the date on which payment is made to or on behalf of the member of an amount representing any part of that profit.

(4) The period prescribed for the purposes of any payment required by paragraph 4(3) of Schedule 20 is the period of 90 days following the date on which the stop–loss payment is made to the member in respect of his syndicate loss.

(5) The period prescribed for the purposes of any payments required by paragraph 4(6) of Schedule 20 is the period of 90 days following the date on which the whole or part of the stop–loss payment made to the member is repaid by him.

(6) The period prescribed for the purposes of any payments required by paragraph 5(1) of Schedule 20 is the period which begins on 1st January in the calendar year in which the profits and losses comprising the syndicate loss sustained by the member for the underwriting year concerned are declared and ends on 31st October in that calendar year.

(7) The period prescribed for the purposes of any payment required by paragraph 5(4) of Schedule 20 is the period of 90 days following the date on which the stop–loss payment is made to the member in respect of his syndicate loss.

(8) The period prescribed for the purposes of any payments required by paragraph 5(7) of Schedule 20 is the period of 90 days following the date on which the whole or part of the stop–loss payment made to the member is repaid by him.

(9) The period prescribed for the purposes of any payments required by paragraph 6(2) of Schedule 20 is the period of 90 days following the last day of the underwriting year in respect of which the valuation giving rise to the payments is made.