Examples of New Central Fund in a sentence
Members’ standard personal expenses include Lloyd’s subscriptions, New Central Fund contributions, managing agent’s fees and profit commission.
In the event of a particular member of Lloyd’s being unable to meet its liabilities arising out of insurance business written in Malta by such member, the Lloyd’s New Central Fund may be made available, at the discretion of the Council of Lloyd’s, for that purpose.
Three levels of security were established for the Lloyd’s syndicates comprising: Premium Trust Funds (PTF); Funds at Lloyd’s (FAL) and The New Central Fund (NCF): 1.
Central Fundmeans the Central Fund established under Lloyd's Central Fund Byelaw (No 4 of 1986) and the New Central Fund established under Lloyd's New Central Fund Byelaw (No 23 of 1996).
Management of New Central Fund The proceeds of all NCF syndicate loans shall be held, managed, invested and applied as assets of the New Central Fund.
The activities of authorised insurance company subsidiary undertakings (primarily Lloyd’s Insurance Company S.A. and Lloyd’s Insurance Company (China) Limited) are included within this business segment; and— Lloyd’s Central Fund: these funds, comprising the New Central Fund and Old Central Fund, are assets of the Society and are held and administered at the discretion of the Council, primarily as funds available for the protection of policyholders.
Unless the approval of members is obtained, the New Central Fund may not be used for the purposes of extinguishing or reducing liabilities which have been reinsured by Equitas.
Member's standard personal expenses include Lloyd's subscriptions, New Central Fund contributions, managing agent fees and profit commission.
Lloyd’s Central Fund: these funds comprising the New Central Fund and Old Central Fund are assets of the Society and are held and administered at the discretion of the Council, primarily as funds available for the protection of the policyholders.
These conditions and requirements may be cited as the New Central Fund Syndicate Loan Requirements.