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The Lloyd’s Underwriters (Special Reserve Funds) Regulations 1999

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Amendments to and modifications of Schedule 20

3.  In paragraph 6(2) of Schedule 20—

(a)for the words “of the fund as so determined in respect” there shall be substituted the words “(determined under sub-paragraph (1) above) of the fund as at the end”;

(b)for paragraph (a) the following paragraph shall be substituted—

“(a)the higher of—

(i)the member’s overall premium limit for that year, and

(ii)his overall premium limit for the immediately preceding year; or”;

(c)in paragraph (b) for the words “that year” there shall be substituted the words “either of those years”.

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