Source: http://www.legislation.gov.uk/ukpga/2000/8/part/XIX/crossheading/power-to-apply-act-to-lloyds-underwriting
Timestamp: 2019-08-24 10:33:23
Document Index: 294560889

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3']

Changes over time for: Cross Heading: Power to apply Act to Lloyd’s underwriting
Power to apply Act to Lloyd’s underwritingU.K.
316 Direction by [F1a regulator] U.K.
(1)The core provisions are Parts V, [F129A], XI, XII, XIV, XV, XVI, XXII and XXIV, sections 384 to 386 and Part XXVI.
F12Word in s. 317(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(6), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
318 Exercise of powers through Council.U.K.
(1)[F13A regulator] may give a direction under this subsection to the Council or to the Society (acting through the Council) or to both.
(2)A direction under subsection (1) is one given to the body concerned—
(a)in relation to the exercise of its powers generally with a view to achieving, or in support of, a specified objective; or
(b)in relation to the exercise of a specified power which it has, whether in a specified manner or with a view to achieving, or in support of, a specified objective.
(3)“Specified” means specified in the direction.
[F14(3A)A direction under subsection (1)—
(b)may be given by the PRA only if it considers that giving the direction is necessary or expedient for the purpose of advancing its general objective or (if section 2C applies) the insurance objective.]
(4)A direction under subsection (1) may be given—
(a)instead of giving a direction under section 316(1); or
(b)if [F15the regulator concerned] considers it necessary or expedient to do so, at the same time as, or following, the giving of such a direction.
(5)A direction may also be given under subsection (1) in respect of underwriting agents as if they were among the persons mentioned in section 316(1).
(a)does not, at any time, prevent the exercise by [F16a regulator] of any of its powers;
(7)A direction under subsection (1) [F17given by a regulator] must be published in the way appearing to [F18the regulator] to be best calculated to bring it to the attention of the public.
(8)[F19A regulator who gives a direction under subsection (1)] may charge a reasonable fee for providing a person with a copy of the direction.
(9)[F20A regulator who gives a direction under subsection (1)] must, without delay, give the Treasury a copy of [F21the direction].
F13Words in s. 318(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F14S. 318(3A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F15Words in s. 318(4)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F16Words in s. 318(6)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F17Words in s. 318(7) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(e)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F18Words in s. 318(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(e)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F19Words in s. 318(8) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(f), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F20Words in s. 318(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(g)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F21Words in s. 318(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(g)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
I2S. 318 wholly in force at 1.12.2001; s. 318 not in force at Royal Assent see s. 431(2); s. 318(1) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 318 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
319 Consultation.U.K.
[F22(1)Before a regulator gives a direction under section 316 or 318, it must—
(c)after complying with paragraph (a) or (b), publish a draft of the proposed direction.]
(b)notice that representations about the proposed direction may be made to [F23the regulator] within a specified time.
[F24(3)Before a regulator gives the proposed direction—
(b)if it was required by subsection (1)(b) to consult the other regulator and proposes to give a direction which differs from the draft published under subsection (1) in a way which is, in the opinion of the regulator, significant, it must again consult the other regulator.]
(4)If [F25the regulator] gives the proposed direction it must publish an account, in general terms, of—
(5)If the direction differs from the draft published under subsection (1) in a way which is, in the opinion of [F26the regulator], significant—
(a)[F26the regulator] must (in addition to complying with subsection (4)) publish details of the difference; and
[F27(6)Subsections (1)(c) and (2) to (5) do not apply in relation to—
(ii)in a case where section 2C applies, be prejudicial to securing the appropriate degree of protection for policyholders.]
(7)Neither subsection (2)(a) nor subsection (5)(b) applies if [F28the regulator concerned] considers—
(8)[F29A regulator who publishes a draft under subsection (1)] may charge a reasonable fee for providing a person with a copy of [F30the draft].
(9)When [F31a regulator] is required to publish a document under this section it must do so in the way appearing to it to be best calculated to bring it to the attention of the public.
[F32(10)“Cost benefit analysis” means—
the cost benefit analysis need not estimate them, but must include a statement of the opinion of the regulator concerned and an explanation of it.]
F22S. 319(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F23Words in s. 319(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F24S. 319(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F25Words in s. 319(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F26Words in s. 319(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F27S. 319(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(e), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F28Words in s. 319(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(f), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F29Words in s. 319(8) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(g)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F30Words in s. 319(8) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(g)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F31Words in s. 319(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(h), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F32S. 319(10)(10A) substituted for s. 319(10) (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(8)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.