1 2 3 4 5 7 8 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
M. M/ M& M+ Ma Mc Md Me Mi Mm Mo Ms Mt Mu My
Mea Mec Med Mee Meg Mem Men Mer Mes Met

Members of Lloyd’s

Members provide the capital to support the syndicates’ underwriting. Members include some of the world’s major insurance groups and companies listed on the London Stock Exchange, as well as individuals and limited partnerships. Corporate members provide most of the capital for the Lloyd’s market.

Members’ agent

An underwriting agent which has permission from Lloyd’s to be appointed by a member to provide services and perform duties of the same kind and nature as those set out in the standard members’ agent’s agreement. These services and duties include advising the member on which syndicates he should participate, the level of participation on such syndicates and liaising with the member’s managing agents.

Members’ agent’s agreement

A standard form of contract between a member and his member’s agent, which sets out the services, duties, powers and remuneration of the member’s agent and obligations of the member. The terms of the contract with the exception of the amount of the members’ agent’s remuneration are set by the Council of Lloyd’s. A copy of the current versions of the members’ agent’s agreement is annexed to the Agency Agreements Byelaw.

Members’ Agents Pooling Arrangement (MAPA)

Allows Lloyd’s members to participate in more syndicates than normally possible. The members’ agents pool underwriting capacity and the members spread their risk by taking smaller lines across more syndicates. A minimum of five members’ agents must participate in each MAPA with no more than 10 per cent of MAPA capacity being allocated to any one syndicate. Corporate members wishing to participate must appoint a member’s agent in order to do so.

Members’ annual solvency test procedure

Each Lloyd’s member must have sufficient assets to meet liabilities plus a prescribed margin (see required minimum margin (general business) and required minimum margin (longterm business). If there is a shortfall the member must provide additional assets. The members’ Funds at Lloyd’s usually covers the deficiency. Ultimately Lloyd’s must show the FSA that it has sufficient assets to cover any aggregate shortfall of all members after the prescribed surplus tests.

Members’ clubs

Voluntary associations of individuals. They must sue or be sued in the names of the members of the committee, or the officers, on behalf of themselves and all other members. Members are liable only to the extent of their subscriptions. Public liability insurances cover add the personal liability of members as well as member to member liability.

Members’ means

In addition to members’ Funds at Lloyd’s, members must prove that they have sufficient net eligible means (at least £350,000 in 2002) to commence or continue underwriting. This wealth is called upon if the premium trust funds and Funds at Lloyd’s prove insufficient.

Membership

State of belonging to a managed care plan as a subscribing member and entitled to the benefits, right, privileges, and obligations. For family coverage, this may include enrollment of eligible dependents.