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The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005
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- UK Statutory Instruments
- 2005 No. 1998
- PART 2
- Regulation 3
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Lloyd’s market reorganisation order
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3.—(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.
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