Section 227 | Cessation: final underwriting year.

(1)This section applies where a corporate member ceases to carry on its underwriting business, whether by reason of being wound up or otherwise.

(2)Subject to the provisions of any regulations made by the Board—

(a)the member’s final underwriting year shall be that in which its deposit at Lloyd’s is paid over to it or its liquidator, and

(b)the member’s underwriting business shall be treated as continuing until the end of that year.