Commonwealth Consolidated Acts

GENERAL INSURANCE SUPERVISORY LEVY IMPOSITION ACT 1998 - SECT 5

             (1)  This Act applies to Lloyd’s (within the meaning of section 3 of the Insurance Act 1973 ), at all times after the commencement of this Act, as if Lloyd’s were a body corporate authorised under that Act to carry on insurance business.

             (2)  For the purpose of this Act, Lloyd’s assets, at a particular time, are taken to be the amounts standing to the credit of all designated security trust funds (within the meaning of Part VII of the Insurance Act 1973 ) at that time.

             (3)  Nothing in this Act imposes levy on any Lloyd’s underwriter.