LLOYD'S AND THE LONDON MARKET Flashcards
What is Lloyd’s?
A dual regulated institution
Under what act was the Council of Lloyd’s made under?
Lloyd’s Act 1982
What is the Lloyd’s Act 1982 responsible for?
The management and supervision of the Market
Within Lloyd’s, what 2 groups are regulated by the PRA + FCA?
The society + managing agents
Lloyd’s - What 2 groups does the FCA solely regulate?
Lloyd’s brokers + members’ agents
What are Syndicates?
The groups of private individuals/corporate investors who carry the risks
Syndicates - What are both investors (individual/corporate) known as?
Underwriting members/names
In the 1990s, how many syndicates were there?
400
By the end of 2022, how many syndicates were there?
77
Who will a syndicate outsource the day-to-day running of its insurance business to?
A managing agent
An example of a managing agents responsibilities?
Employing the underwriters and claims adjusters and liaison with Lloyd’s + other regulations
Lloyd’s managing agents are ‘dual-regulated’, what does this mean?
Must be approved by the PRA to carry on PRA regulated activities + any business conduct activities are regulated by the FCA
By the end on 2022, how many managing agents were there?
22
What is meant by the term ‘capital’?
The investment put into the market by the investors known as ‘members’ or ‘names’
In order to invest into the market, what must prospective members be able to do?
Satisfy Lloyd’s in that they should be able to pay any claims made against them
