LM1 Chapter 5 Structure of the London Market Flashcards
What is the name of the entity responsible for the management and supervision of the Lloyd’s market?
The Council of Lloyd’s
For how long does a syndicate exist to accept risks?
1 Year
What is the name used for the investors in the Lloyd’s Market who are also commercial organisations in their own right?
Corporate Capital
What is the name of an insurer that only accepts risks from ‘sister organisations’ in the same group?
Captive Insurer
What are Objectives of the IUA (International Underwriting Association of London)?
Transform business processes by driving a modernising agenda of digitisation and automation
Deliver knowledge and expertise for innovative underwriting and claims handling
Represent members on matters of public policy and regulation
What is the role of the ABI (Association of British Insurers)?
Bring the right people together to inform public policy debates and laws and regulations
Public voice of the sector
Encourage customer understanding of the sectors products and practices
Support competitive insurance industry both UK and abroad.
What is BIBA (British Insurance Brokers’ Association?
A major trade association for insurance intermediaries. A non-statutory trade body
What does BIBA strive to achieve?
Promoting
Maintaining and Developing
Supporting members
Aiming
What are the three Broker related organisations?
BIBA
London Market Regional Committee (LMRC)
London and International Brokers’ Association (LIBA)
What makes up the council of Lloyd’s?
3 working members
3 external members
9 nominated members
What is the name given to groups of private individuals or corporate investors who carry risks?
Syndicates - both types known as underwriting members or ‘names’
Who runs the syndicates?
They are run by managing agents
One managing agent can run more than one syndicate
What are some reasons to coming to the London Market?
Large Capacity
Subscription market where risks are shared between insurers
Long history and significant knowledge in the market
London Market insurers are entrepreneurial in nature
Market provides good claims service
What are the reasons why London is a leading world market?
Capacity
Entrepreneurial Spirit
Good claims service and knowledgeable personnel
History and experience
What is the LIIBA?
An independent trade body
Represents interest of insurance and reinsurance brokers operating in London and international markets
