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Burling, Julian --- "Lloyd’s: Its Authorisation in the United Kingdom and Overseas" [2012] ELECD 171; in Burling, Julian; Lazarus, Kevin (eds), "Research Handbook on International Insurance Law and Regulation" (Edward Elgar Publishing, 2012)

Book Title: Research Handbook on International Insurance Law and Regulation

Editor(s): Burling, Julian; Lazarus, Kevin

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849807883

Section: Chapter 17

Section Title: Lloyd’s: Its Authorisation in the United Kingdom and Overseas

Author(s): Burling, Julian

Number of pages: 30

Extract:

17 Lloyd's: its authorisation in the United Kingdom
and overseas
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), ...