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.

Reference book setting out information of loss or damage caused to a large number of commodities. Authoritative views are expressed as to the principal causes of loss or damage. The book is valuable to firms and professionals in both shipping, including cargo handling, and insurance, and anyone involved in handling cargoes.

Formed in 1909 it is concerned with the underwriting, technical and administrative problems that arise in Lloyd’s marine market. It liaises closely with Lloyd’s Insurance Brokers’ Association, the International Underwriters’ Association and the Liverpool Underwriters’ Association. Now part of the London Market Association.

Protects the interests of underwriting agents and liaises with Lloyd’s. It reports to its members on matters raised by the Council or franchise board. The LUAA has no regulatory power but is represented on both standing and ad hoc committees. Now part of the London Market Association.

Maintains Lloyd’s worldwide trading status. It manages Lloyd’s overseas offices, deals with overseas compliance, accredits Lloyd’s brokers, promotes Lloyd’s and develops its portfolio of licences. It also runs a Business Intelligence Centre with wide-ranging information services. Its electronic and paper-based resources cover insurance markets, companies, news, legal information, etc.

Lloyd’s underwrites five main classes of business: marine, non-marine, motor, aviation and term life.

Registered members of Lloyd’s must adhere to certain standards of conduct of business set out in byelaws and codes. The FSA’s Conduct of Business Sourcebook includes a chapter on Lloyd’s.

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.

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.