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Conditions for carrying on insurance business under Lloyd’s Asia Scheme

Insurance (Lloyd’s Asia Scheme) Regulations

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—(1) A member of Lloyd’s may carry on insurance business specified in the First Schedule in Singapore if —(a)the member registers with the administrator in accordance with regulation 4;(b)the member carries on insurance business, and enters into contracts of insurance, in Singapore through —(i)a Service Company; or(ii)a Service Company and a coverholder;(c)the member authorises any Service Company acting as his or its agent for the purposes of these Regulations —(i)to establish and maintain the insurance funds in respect of Singapore policies and offshore policies under regulation 11 and the deposits referred to in regulation 16; and(ii)to accept service of notices and legal processes in respect of or connected to the carrying on of insurance business in Singapore, including any notice or direction of the Authority to the member; and (d)Lloyd’s has given an undertaking to the Authority that the holder of any insurance policy issued by the member under these Regulations shall have recourse to the Chain of Security, in accordance with and subject to the terms of the relevant Lloyd’s trust deeds and Lloyd’s byelaws, conditions and requirements governing the trust deeds, to the same extent as the holder of a general business policy issued by the same member of Lloyd’s in London.(2) In paragraph (1), “relevant Lloyd’s trust deeds” means the member’s Lloyd’s Premiums Trust Deed, the Lloyd’s Asia (Singapore Policies) Instrument, the Lloyd’s Asia (Offshore Policies) Instrument, the member’s deposit trust deed or other trust deed governing the member’s Lloyd’s deposit or any special reserve trust deed.

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