LLD 12
Determination of liabilities
LLD 12.1
Application and purpose
- 01/12/2004
Application
LLD 12.1.1
See Notes
- 01/12/2004
LLD 12.1.2
See Notes
- 01/12/2004
Purpose
LLD 12.1.3
See Notes
- 01/12/2004
LLD 12.1.4
See Notes
- 01/12/2004
LLD 12.3
Members' liabilities
- 01/12/2004
LLD 12.3.1
See Notes
At stage (e) of PRU 2.2.14 R the Society must deduct from a member's capital resources a negative valuation difference being, for each member, (for open syndicate years through which the member carries on general insurance business taken together), if A+B exceeds C, A+B-C, where:
- (1) A is the total of the member's proportionate shares for each syndicate year of the accumulated excess of income over outgoings;
- (2) B is the amount of any unpaid additional contributions the member is required to make to the funds maintained for the syndicate years by the managing agents; and
- (3) C is the total of the member's proportionate shares of the liabilities net of reinsurance recoveries.
- 01/01/2005
LLD 12.3.2
See Notes
- 01/01/2005