575.This section disapplies the general prohibition from former members of Lloyd’s in relation to contracts of insurance effected by them while they were members of the society.  It gives the Authority powers to impose requirements on former members of Lloyd’s, including members who decide to leave in the future, in relation to the insurance business carried on by them while they were members of Lloyd’s until all their insurance liabilities have been discharged.  A former member of Lloyd’s would need to obtain permission from, and be authorised by, the Authority in order to carry on any other regulated activities under the Act.
Commentary on Sections Part Xix: Lloyd’s Section 320: Former underwriting members