Represents underwriting businesses at Lloyd’s. Brings together five previously separate associations: Lloyd’s Underwriters’ Association (LUA), Lloyd’s Underwriters’ Non-Marine Association, Lloyd’s Underwriting Agents’ Association, and Lloyd’s Market Association (previously the Lloyd’s Corporate Capital Association). Each retains its own identity while using the LMA structure in dealing with Lloyd’s and the regulators. Two-thirds of the LMA budget is used to provide technical support for the marine, non-marine and aviation markets. The LMA’s key partners are the London Insurance Market Brokers’ Committee and the International Underwriting Association. The LMA represents its members on international bodies.

Provides a family of shipping industry products covering: global shipping movements updated daily; casualties as they happen; ownership, and Protection and Indemnity Clubs – changes as they happen; vessel characteristics; new construction; a combination of the above; a maritime consulting business. (Visit www.lloyds.miu.com). LMIU is a division of Informa.

A Lloyd’s member is either a name or a corporate member who supplies the capital to underwrite risks at Lloyd’s. They delegate the underwriting of business to managing agents and members’ agents provide a link with syndicates. New names are no longer admitted and by 2005 remaining names should have converted to limited liability. Each member maintains funds at Lloyd’s. The integrated Lloyd’s vehicle (ILV) is the principal route for new capital. Names now operate mainly through members’ agents pooling arrangements (MAPA). Corporate members include companies, investment institutions and international insurance companies, and Scottish limited partnerships. See MEMBERS’ ANNUAL SOLVENCY TEST.

Association working on behalf of motor syndicates to place motor cars into groups according to the degree of hazard and cost of repair for the purpose of rating motor risks. The ABI’s Motor Committee of the Association carries out the same work.

Corporation of Lloyd’s subsidiary that became the Informa Group on its merger with IBC Ltd in 1995. Informa has continued to collect, process and publish the enormous volume of infor mation received from Lloyd’s agents and other worldwide connections. The best known publication is Lloyd’s List International.

LPSO was created to facilitate the checking and signing of policies prepared by Lloyd’s brokers on behalf of underwriters. It also performs a number of other functions such as central accounting. LPSO’s work has been transferred to the Insur-sure Services Ltd.

LR’s principal marine business is that of a classification society for ships. It sets standards of quality and reliability during design, construction and operation. A ship’s hull and machinery must conform with the standards laid down and are inspected to ensure that they comply. Formerly known as Lloyd’s Register of Shipping, the new name reflects the wide-ranging services supplied to other industrial sectors. (Visit www.lr.org).

A unique daily record of the details and latest worldwide movements of more than 23,000 merchant vessels. The report includes details of ownership changes and casualty histories. The information is pro vided by Lloyd’s Market Intelligence Unit.

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.