Lloyds: Law and Practice
14.
ACCOUNTING AND PAYMENT OF PREMIUMS AND CLAIMS
ACCOUNTING AND PAYMENT OF PREMIUMS AND CLAIMS
14.1
Premiums, claims and return premiums in respect of open market business written in London, and most binding authority business, are processed through the settlement and accounting system operated by Xchanging Ins-sure Services Ltd.1 There are also special local accounting and reporting systems for Canadian, Illinois and Italian business.