Person who becomes a director of a corporate trustee and is chosen by the members of an occupational pension scheme.

Advises Lloyd’s members on their underwriting commitments and links them to their syndicates. The member’s agent’s agreement sets out the duties, powers and remuneration of the agent and the obligations of the member. Advising on syndicate participation is regarded as financial advice and is therefore regulated by the FSA. Members’ agents must also adhere to the Lloyd’s Code of Conduct for Members’ Agents.

Required minimum margin of solvency for a Lloyd’s member calculated in accordance with FSA rules for general business and longterm business. See ANNUAL SOLVENCY TEST; MEMBERS’ ANNUAL SOLVENCY TEST; REQUIRED MINIMUM MARGIN.

Member’s regular payment to the pension scheme as set out in the scheme’s rules.

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.

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.

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.

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.

Discontinuance of membership in an organisation or group. Terminates membership eligibility under a group policy or employee benefit scheme due to end of employment or other change in circumstances. Under group life policies the departing member may benefit from a continuation option.