Individual underwriters associated at Lloyd's

(1) Individual underwriters associated at Lloyd's may carry on a business activity only where the association, on behalf of the individual underwriters, waives, in the event of enforcement against their assets situated domestically, the right to derive rights from the fact that enforcement is also carried out against the assets of individual underwriters against whom the title has no effect; the waiver declaration must be irrevocable until the complete winding-up of the insurance contracts concluded domestically.
(2) Claims arising from insurance business conducted domestically through a branch by the individual underwriters associated at Lloyd's may be asserted in court only by and against the general representative. A title obtained under the first sentence has effect for and against the individual underwriters participating in the insurance business. Section 727 of the Code of Civil Procedure applies correspondingly. A title obtained against the general representative may be enforced against the domestically situated assets, administered by him, of all individual underwriters combined in the association.