566.This section makes the Society an authorised person, without it needing to submit an application.  This is needed because, unlike most other current businesses, Lloyd’s does not have an authorisation from an existing regulator that can be grandfathered.
567.Subsection (3) limits the activities for which the Society will have permission, at the time it becomes authorised, in broad terms to arranging deals in insurance contracts and syndicate participation, and for connected activities.  The precise terms of the permission will depend on the activities specified for the purposes of section 22(1).  Subsection (4) gives the Authority a power, where it considers it appropriate, to limit the scope of the permission, at the time the authorisation comes into force, or at any time thereafter.  Lloyd’s would apply for an extension of that permission in accordance with Part IV.
Commentary on Sections Part Xix: Lloyd’s Section 315: The Society: authorisation and permission