Table of Contents

Research Handbook on International Insurance Law and Regulation

Research Handbook on International Insurance Law and Regulation

Research Handbooks in Financial Law series

Edited by Julian Burling and Kevin Lazarus

Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context.

Chapter 17: Lloyd’s: Its Authorisation in the United Kingdom and Overseas

Julian Burling

Subjects: economics and finance, money and banking, law - academic, commercial law, finance and banking law, insurance law, law -professional, commercial law, finance and banking law

Extract

Julian Burling1 1. INTRODUCTION First, some nomenclature. The reference to Lloyd’s in the title of this chapter requires some clarification. Strictly speaking, ‘Lloyd’s’ is a statutory corporation, incorporated by a private Act of Parliament in 1871 by the name of Lloyd’s. Its main statutory objects are the carrying on of insurance business by its members on their own account and the advancement and protection of those members in connection with the insurance business carried on by them.2 Lloyd’s does not itself carry on insurance business, nor is it authorised to do so, but it provides, and, through its governing body the Council of Lloyd’s, regulates3 a market place where its members each carry on insurance business on their own account. The genesis, development and current structure of the Lloyd’s market are discussed in Chapter 18. Lloyd’s, that is, the statutory corporation, is sometimes also referred to as ‘the Society [of Lloyd’s]’4 or ‘the Corporation [of Lloyd’s]’. Lloyd’s Acts themselves refer to members underwriting insurance business ‘at Lloyd’s’ as if it were a physical location or market place. Colloquially the expression ‘Lloyd’s’ is often also used to describe the market, or an aggregation of some or all of the members of Lloyd’s. This chapter primarily discusses the varying modes of ‘authorisation’ of members of Lloyd’s, that is, the insurers (rather than Lloyd’s itself), to carry on insurance business: (a) in the UK;5 (b) in other EEA member states; and (c) in the principal non-EEA states in which...

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