LLM1170 - Introduction to Lloyd's: regulation and management: the Corporation and central functions
The Corporation of Lloyd바카라 사이트檚
The Corporation of Lloyd바카라 사이트檚 provides executive support for the Council and the Franchise Board (LLM1160), and for the market as a whole, through a number of departments.
For example, it
- negotiates international trading licences, enabling members to write insurance and/or reinsurance in around 80 territories worldwide under the Lloyd바카라 사이트檚 name
- acts as trustee for and administers the funds of members
- provides members with accounting and taxation information and a number of other administrative services, although some of these have been outsourced.
Lloyd바카라 사이트檚 Market Services (LMS)
LMS provides a central reporting service for members. It collates syndicate level information and some member level information relating to income and expenditure connected with each member바카라 사이트檚 underwriting activities. This is sent out to members and their agents in a variety of summarised forms. For UK tax purposes, the two most important are the Taxation Advices, CTA1 for syndicate results (바카라 사이트淯nderwriting Account바카라 사이트�) and CTA2 (바카라 사이트淣on-Syndicate Income and Expenditure Summary바카라 사이트�) for some other income and expenses.
Lloyd바카라 사이트檚 subsidiaries
In addition to Equitas, Centrewrite and Lioncover (see LLM1020) Lloyd바카라 사이트檚 has another subsidiary, Additional Securities Ltd, set up to provide regulatory deposits overseas. The company is funded by loans from syndicates.