PART 2LLOYD'S MARKET REORGANISATION ORDER

Lloyd's market reorganisation order3

1

In these Regulations “Lloyd's market reorganisation order” means an order which—

a

is made by the court in relation to the association of underwriters known as Lloyd's;

b

appoints a reorganisation controller; and

c

on the making of which there comes into force a moratorium on the commencement of—

i

proceedings, or

ii

other legal processes

set out in regulation 8 in respect of affected market participants, the Society and subsidiaries of the Society.

2

A Lloyd's market reorganisation order applies to—

a

every member, former member, managing agent, members' agent, Lloyd's broker and approved run-off company who has not been excluded from the order in accordance with regulation 7;

b

every coverholder who has been included in the order in accordance with regulation 7;

c

the Society; and

d

subsidiaries of the Society.