16:39 Feb 13, 2024 |
English to Dutch translations [PRO] Bus/Financial - Insurance / Terms of Business of a Managing General Agent (MGA) and Lloyd’s Coverholder | |||||||
---|---|---|---|---|---|---|---|
|
|
Summary of reference entries provided | |||
---|---|---|---|
Why it's called that |
|
Discussion entries: 1 | |
---|---|
42 mins |
Reference: Why it's called that Reference information: The terminology (statutory vs. non-statutory) seems to be specifically linked to the client money rules for British insurers, guidance on which can be found here: https://www.fca.org.uk/publication/archive/fsa-client-money-... So where does the notion of "statutory" comes in? It doesn't say explicitly, but this looks like the relevant part: 1.4.2 Unlike the non-statutory trust, which requires a firm to declare a trust and have a properly executed trust deed, the trust status of a statutory trust arises automatically – our rules impose a trust on client money. In other words, a "statutory" trust arises by automatic operation of statute law, whereas a "non-statutory" trust doesn't: it must be explicitly established. -------------------------------------------------- Note added at 44 mins (2024-02-13 17:23:58 GMT) -------------------------------------------------- N.B. The document I linked is from 2007 & the precise rules may well have changed since then. -------------------------------------------------- Note added at 55 mins (2024-02-13 17:34:50 GMT) -------------------------------------------------- Automatic operation of statute law ... or at any rate the applicable FCA regulations. |
| ||
Note to reference poster
| |||
Login to enter a peer comment (or grade) |
Login or register (free and only takes a few minutes) to participate in this question.
You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.