GIM1210 - The UK insurance market: Lloyd's
Lloyd바카라 사이트™s (often still referred to as Lloyd바카라 사이트™s of London, though that is no longer the official title) is not an insurance company, but an association of underwriters. Until 1994 these were all individuals underwriting on an unlimited liability basis, but corporate groups have now come to supply most of the capital in the Lloyd바카라 사이트™s market, and the majority of private members now write through vehicles that limit their liability.
The underwriting members of Lloyd바카라 사이트™s, or names, are each insurers carrying on business on their own account; but their business must be accepted and managed by professional underwriting undertakings known as managing agents who manage the 바카라 사이트˜syndicates바카라 사이트™ to which the names belong. Private names are placed on syndicates by advisers known as members바카라 사이트™ agents. Corporate group capital may alternatively be placed using what is known as a Lloyd바카라 사이트™s adviser, and many corporate groups now use an integrated model in which the capital provider and managing agent are associated 바카라 사이트“ the 바카라 사이트˜integrated Lloyd바카라 사이트™s vehicle바카라 사이트™.
A managing agent is a person who is authorised by Lloyd바카라 사이트™s to accept insurance risks on behalf of its underwriting (investing) members. The managing agent employs trained underwriters and other professional staff.
Syndicate accounts and the returns of corporate members of Lloyd바카라 사이트™s are dealt with by the Large Business Service (Insurance). Individual members of Lloyd바카라 사이트™s are dealt with in West Yorkshire Personal Tax Unit. Further detailed guidance on Lloyd바카라 사이트™s and the taxation of its underwriters may be found in HMRC바카라 사이트™s Lloyd바카라 사이트™s Manual.