Requirements for Service Company
5.—(1)  Only companies registered under the Companies Act (Cap.50) meeting the following requirements shall act as agents for any member of Lloyd’s under these Regulations:
(a)the company must, unless the Authority otherwise permits, be a subsidiary of a managing agent at Lloyd’s;
(b)the company must have a paid-up capital of not less than $300,000; and
(c)the company must be registered with the administrator under regulation 6.
(2)  In paragraph (1), “subsidiary”, in relation to a company, has the same meaning as in the Companies Act.