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I- I. Ia Ib Ic Id If Ig Il Im In Ip Ir Is It

Integrated Lloyd’s Vehicle (ILV)

Holding company owning/controlling both a managing agent and also a corporate member as a supplier of capacity to the managing agent’s syndicate(s). Lloyd’s regulations prevent the two companies combining into one. An ILV providing 100 per cent of the capacity is virtually an insurance company operating at Lloyd’s. ILVS can acquire capacity by way of (a) capacity auctions; (b) acquisition of a fellow corporate member; (c) direct offers to other members. Much of the new capital has come from insurance and reinsurance companies, and institutional and other investors, based principally in Bermuda, the US and the UK. ILVS are relatively low-cost insurance operations. The Chairman’s Strategy Group recommended that all managing agents and syndicates should become ILVs.
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A company which owns a corporate member of a syndicate and the managing agent of that syndicate.

Integrated or basket policy

An insurance policy that affords coverage for several different types of liability exposure, including for example directors and officers liability, employment practices liability, ERISA fiduciary liability, professional errors and omissions liability, crime, kidnap and ransom, and perhaps other lines of coverage. These types of multiple-line policies frequently have a term of several years and may have a single aggregate limit of liability applicable to all lines of coverage, combined (except the D&ampO Clause A coverage, which typically has its own separate limit in order to assure protection to directors and officers for nonindemnified loss).

Integrated pollution control (IPC)

The IPC regime, under Part 1 of the Environmental Protection Act 1990, applies an integrated approach to the environmental regulation of certain industrial activities. Emissions to air, water and land must be considered together. The IPC regime has regulated polluting processes by issuing (or refusing) permits that are shortly being phased into the new Integrated Pollution and Control Regime. (Visit www.environment-agency.gov.uk).

Integrated Prudential Sourcebook (‘PRU’)

the part of the FSA Handbook that contains most of the rules that must be followed by insurers in maintaining adequate financial resources; some material applicable to insurers, especially the Accounts and Statements Rules, is in another part of the FSA Handbook, the ‘Interim Prudential Sourcebook for Insurers’ (‘IPRU(INS)’). Material applicable to non-directive friendly societies is in the ‘Interim Prudential Sourcebook for Friendly Societies’ (‘IPRU(FSOC)’).