There is an annual solvency test for members and one for Lloyd’s as a whole. A member’s agent is responsible for ensuring the ongoing solvency of his member’s business. Direct corporate members are responsible for their own solvency. Lloyd’s must maintain net central assets at a prescribed level (LLD 11.2.1). Central funds must be sufficient to cover (a) any shortfall in the assets of a member when less than the sum of the liabilities and the member’s margin; and (b) any adjustment required when overall assets as a whole are less than liabilities. The solvency of managing and members’ agents is governed by the normal law relating to limited liability companies. See REQUIRED MINIMIMUM MARGIN.