| (1) |
Lloyd’s shall appoint, and at all times have, a natural person permanently resident in the Republic as its representative, and another natural person as deputy representative, to act as representative in the event of the Lloyd’s representative for any reason not being able to perform the functions connected to that office. |
| (2) |
The appointment of the Lloyd’s representative and the deputy representative shall not take effect unless it has been approved by the Authority. |
| (3) |
The Authority may grant approval for the appointment of the Lloyd’s representative and the deputy representative subject to such conditions as the Authority may determine. |
| (4) |
The Authority shall not grant approval for the appointment of the Lloyd’s representative and the deputy representative if the person concerned is not fit and proper to hold the office. |
| (5) |
The Lloyd’s representative shall comply, with the necessary changes— |
| (b) |
with section 19A in respect of the Lloyd’s Trusts as if he or she were a short-term insurer. |
[Section 57(5) substituted by section 47 of Act No. 27 of 2008]
| (6) |
The Lloyd’s representative shall, as far as it is in his or her power, ensure that— |
| (a) |
Lloyd’s complies with this Act; and |
| (b) |
the trustees of the Lloyd’s Trusts comply with the trust deeds of the Lloyd’s Trusts, |
and shall notify the Authority forthwith in writing if he or she is unable to cause the remedy of any non-compliance of which he or she becomes aware.
| (7) |
The Lloyd’s representative shall— |
| (a) |
have his or her principal place of business in the Republic; |
| (b) |
notify the Authority in writing of the address of that principal place of business; and |
| (c) |
if that address changes, notify the Authority in writing thereof within 30 days after such change. |
| (8) |
The Lloyd’s representative and deputy representative in office at the date of commencement of Part VIII of this Act, shall be deemed to have been appointed with the approval of the Authority under this section. |
Public Service Commission Act, 1997
