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Lloyd's: Law and Practice




3.1 “Lloyd’s” is a statutory corporation incorporated by a private Act of Parliament, Lloyd’s Act 1871, by the name of Lloyd’s.1 Lloyd’s is referred to as “the Society” in Lloyd’s Acts 1871 to 1982 and is often referred to as “the Corporation”, as are its staff who carry out administrative or other functions for the purposes of the business of the members of Lloyd’s. The term “at Lloyd’s” is used in Lloyd’s Acts to describe insurance contracts underwritten by members in their capacity as such. In general parlance, however, usage is less precise. For the purpose of authorisation, solvency and other requirements, the EU Insurance Directives refer to a fictitious collective insurance undertaking, “the association of underwriters known as Lloyd’s”, as carrying on insurance business; a convenient construct at the EU directive level but having no juridical equivalent in English domestic law. Rating agencies assign insurer financial strength ratings to the Lloyd’s market (Lloyd’s and its members collectively) but often refer to it simply as “Lloyd’s”. Credit ratings, however, are assigned to debt securities issued by Lloyd’s, i.e. the body corporate, itself. This book uses the expression “the Lloyd’s market” in contradistinction to “Lloyd’s”, which is here used (at least as regards the period from 1871 onwards) to refer only to the body corporate.

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