(1) For section 1444 of the Act, subsection 911A(1) of the Act does not apply in relation to a financial service:
(a) that is provided by:
(i) a Lloyd's underwriting member; or
(ii) a listed Lloyd's syndicate of underwriting members; and
(b) to which subregulation (2) applies.
(2) The financial service must be a service in relation to which the Lloyd's underwriting member, or the syndicate, is regulated by APRA at any time within 2 years after the FSR commencement.
(3) In this regulation:
Lloyd's means the society incorporated by the Act of the United Kingdom known as the Lloyd's Act 1871.