Insurance Act, 2017 (Act No. 18 of 2017)Chapter 4 : Licensing, Suspension and Withdrawal of Licence24. Lloyd's underwriters and Lloyd's licensed |
| (1) | Lloyd’s underwriters and Lloyd’s, subject to subsection (2), are licensed to conduct— |
| (a) | non-life insurance business in all the classes and sub-classes set out in Table 2 of Schedule 2, in respect of commercial lines; and |
| (b) | non-life insurance business in sub-class 17 set out in Table 2 of Schedule 2 in respect of personal lines. |
| (2) | Lloyd’s underwriters and Lloyd’s may only with the approval of the Prudential Authority conduct non-life insurance business in the classes and sub-classes, other than sub-class 17, set out in Table 2 of Schedule 2 in respect of personal lines. |
| (3) | The Prudential Authority may impose licensing conditions similar to those referred to in section 25(8) on a Lloyd’s underwriter or Lloyd’s. |