SCHEDULETHE INSURANCE BROKERS REGISTRATION COUNCIL (INDEMNITY INSURANCE AND GRANTS SCHEME) RULES 1987
PART IIITHE GRANTS SCHEME
9
1
The Council may from time to time, subject to the provisions of these Rules, be entitled to impose a levy (“a levy”) upon all practising insurance brokers and enrolled bodies corporate who are or were on the register or list on a day to be specified by the Council (“the levy date”).
2
All levies received by the Council under the provisions of these Rules shall be paid into a fund to be maintained and administered by the Council on trust for the purposes provided in these Rules, such fund to be known as “the Grants Fund”.
3
All grants to be made by the Council shall be made out of the Grants Fund.
4
The Council shall so far as reasonably practicable ensure that the amount retained from time to time in the Grants Fund shall not exceed:–
i
one sixth of the total maximum levy which could be raised from time to time; or
ii
such higher sum as the Council may in all the circumstances reasonably consider to be necessary to be available from time to time for the purposes of the Grants Scheme.