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28.

INSOLVENCY PROCEDURES

INSOLVENCY PROCEDURES

28.1 , Financial resources at Lloyd’s (3): The Central Fund and other central assets, explains at paragraph 19.7 how the New Central Fund is used to prevent corporate members from becoming insolvent, by means of an undertaking to meet cash calls from the New Central Fund. Corporate members are prohibited from carrying on any other business than insurance business at Lloyd’s and so are unlikely to have any significant liabilities which cannot be met from their PTFs.

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