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Lloyd’s, Corporation of

When incorporated under the Lloyd’s Act 1871 no distinction was made between the Corporation and the Society of Lloyd’s. The Corporation has historic links with Edward Lloyd’s eighteenth-century coffee house, a meeting place for underwriters, shippers, etc. The Corporation does not underwrite business but is the platform from which business is done. The Corporation’s departments include the commercial directorate, market supervision, legal services, worldwide markets, IT, education and training, compliance and authorisations.

Lloyd’s, Council of

Created by the Lloyd’s Act 1982, the Council manages and supervises the Lloyd’s market. It is the internal regulator of Lloyd’s subject to the overriding supervision of the FSA. The Council has six working, six external and six nominated members. The appointment of the nominated members has to be confirmed by the Governor of the Bank of England. Lloyd’s members select the remaining members. The Council makes decisions, issues resolutions, requirements, rules and byelaws, but now delegates a range of issues to the Lloyd’s Franchise Board.

Lloyd’s, regulation of

The external regulator, the FSA, delegates to the Council of Lloyd’s, the internal regulator. The Council must maintain an effective delegation of responsibilities for the purpose of carrying out the Society’s regulatory functions so that the Council can adequately control them. The Society deals cooperatively with the FSA in carrying out those regulatory functions and notifies the FSA when proposing byelaw changes. The byelaws are supplemented by Core Principles for Underwriting Agents and various codes. The FSA will regulate Lloyd’s brokers from 2005. See MARGIN OF SOLVENCY; REQUIRED MARGIN BUSINESS); REQUIRED MARGIN (LONG TERM BUSINESS). (GENERAL

Lloyd’s, Society of

Lloyd’s Act 1871 incorporated Lloyd’s as a ‘Society and Corporation’ without distinguishing between the two. However, FSMA, s. 190, specifically makes the Society an authorised person enabling the FSA to make rules and take disciplinary action against it. The FSA can issue directions to members of the Society or (s.193) direct the Society, through its Council, to impose obligations on its members. The Society is often said to comprise those individuals and entities that are for the time being members of Lloyd’s plus the legal rights and all property that collectively belongs to them.

Lloyd’s

Depending on the context this term may refer to – (a) the society of individual and corporate underwriting members that insure and reinsure risks as members of one or more syndicates. Lloyd’s is not an insurance company; (b) the underwriting room in the Lloyd’s Building in which managing agents underwrite insurance and reinsurance on behalf of their syndicate members. In this sense Lloyd’s should be understood as a market place; or (c) the Corporation of Lloyd’s which regulates and provides support services to the Lloyd’s market.

Lloyd’s Agency Department

The Lloyd’s Agency Department manages three highly respected, distinct but related functions which service the marine insurance industry, namely the Lloyd’s Agency Network, the production of certificates of insurance in respect of marine business and the salvage arbitration process arising from use of Lloyd’s Open Form. The aim is to provide the best service possible to the global marine market. Lloyd’s Agency network provides 24 hour, year round independent marine surveying and claims adjusting services to the global insurance industry and its customers. With over 275 Lloyd’s Agents and a similar number of Sub Agents, covering major ports and commercial centers around the world, the Lloyd’s Agency network forms the world’s most extensive surveying and adjusting network. The Lloyd’s Agency Department in London administers and manages the Agency network, provides quality control and supports clients’ use of the network by the following means: Technical Performance Team (LAN) The Agency Department has a team of experienced and technically proficient marine claims professionals whose brief is to enhance the quality of the network’s services and the support provided to the network’s users. The Technical Performance Team is available to co-ordinate any survey or claim instruction with a view to ensuring that, wherever in the world assistance is required, the client is provided with a prompt, appropriate and effective service. Support can be provided on a structured and/or ad hoc basis. Operations Team (LAN) The Operations Team provides day-to-day operational support to the Lloyd’s Agents and is also available to support and facilitate effective communication between our network’s clients and the Lloyd’s Agents.

Lloyd’s Agent

A firm that is appointed to conduct or arrange surveys of ships and cargoes for Lloyd’s underwriters, other insurers and commercial interests throughout the world. Many Lloyd’s agents also undertake non-marine surveys, act as loss adjusters and provide information about shipping movements and losses. There are over 300 Lloyd’s agents, 160 of whom have authority to settle claims on behalf of Lloyd’s underwriters and insurance companies.