4.—(1) The court may make a Lloyd’s market reorganisation order if it is satisfied that—
(a)any regulatory solvency requirement is not, or may not be, met; and
(b)an order is likely to achieve one or both of the objectives in regulation 5.
(2) In paragraph (1), “regulatory solvency requirement” means a requirement to maintain adequate financial resources in respect of insurance business at Lloyd's, imposed under the 2000 Act, whether on a member or former underwriting member, either singly or together with other members or former underwriting members, or on the Society and includes a requirement to maintain a margin of solvency.
(3) In paragraph (2), “former underwriting member” has the meaning given by section 324(1) of the 2000 Act.