PART 9Lloyd’s
Former underwriting members44.
(1)
Paragraph (2) applies in respect of a requirement imposed by the Authority under section 320(3)64 (former underwriting members) if the requirement had effect immediately before the commencement date.
(2)
The requirement is to be treated as if it had been imposed by the PRA.
(3)
This article does not apply 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.