The general prohibition or (if the general prohibition is not applied under this section) a core provision applies to the carrying on of an insurance market activity by—
only if a regulator so directs.
A direction under subsection (1)—
A direction under subsection (1) which applies the general prohibition to a member of the Society, or to the members of the Society taken together, may be given by a regulator only with the consent of the other regulator.
A direction given under subsection (1) which applies a core provision is referred to in this Part as "an insurance market direction".
In subsection (1)—
"core provision" means a provision of this Act mentioned in section 317; and
"insurance market activity" means a regulated activity relating to contracts of insurance written at Lloyd's.
In deciding whether to give a direction under subsection (1), the regulator concerned must have particular regard to—
A direction under subsection (1) must be in writing.
A direction under subsection (1) applying the general prohibition may apply it in relation to different classes of person.
An insurance market direction—
A direction under subsection (1) has effect from the date specified in it, which may not be earlier than the date on which it is made.
A direction under subsection (1) given by a regulator must be published in the way appearing to the regulator to be best calculated to bring it to the attention of the public.
A regulator who gives a direction under subsection (1) may charge a reasonable fee for providing a person with a copy of the direction.
A regulator who gives a direction under subsection (1) must, without delay, give the Treasury a copy of the direction.