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Operating at Lloyd's

The requirements

Requirements relating to general, on-going operation in the Lloyd’s market, covering core activities, compliance, and operational matters.

Core activities and roles

Membership

Requirements regarding members operating at Lloyd’s.

Underwriting

Requirements regarding underwriting activities.

Lloyd's Claims Lead Arrangements

Requirements regarding claims handling and lead arrangements.

Agency Agreements

Requirements regarding agreements between members and managing agents.

Intermediaries

Requirements regarding intermediaries operating at Lloyd’s.

General operational matters

Agency Obligations

Requirements regarding certain duties and responsibilities of managing agents.

Annual Subscribers

Requirements regarding ongoing obligations for annual subscribers.

Assignment of Syndicate Participations (Second Nominations)

Requirements regarding assigning or transferring syndicate participations.

Auction

Requirements governing capacity auctions and bidding.

Audit Arrangements

Requirements regarding auditing of syndicates and underwriting agents.

Central Accounting

Requirements regarding financial settlement and reporting.

Conversion and Related Arrangements

Requirements regarding conversion arrangements, share swap arrangements and surrender arrangements.

Definitions

Defined terms used in Lloyd’s byelaws and other requirements.

Following Year Underwriting

Requirements regarding underwriting by provisional syndicates under the standard managing agent’s agreement.

Major Syndicate Transactions

Requirements governing certain significant transactions in syndicate capacity.

Mandatory Offers

Requirements regarding circumstances in which offers to purchase syndicate capacity must be made.

Miscellaneous Provisions

Requirements relating to various operational matters.

New Central Fund and Property of the Society

Requirements governing contributions to the new central fund and relating to the Society’s property.

Overseas Underwriting

Requirements regarding underwriting outside the UK.

Performance Management – Supplemental Requirements and Guidance

Requirements regarding performance standards and guidance for managing agents.

Powers of Charging

Requirements regarding charges and levies which Lloyd’s may impose.

Solvency and Reporting

Requirements regarding syndicates’ solvency and reporting.

Syndicate Accounting

Requirements regarding syndicate accounts.

Syndicate Meetings

Requirements governing syndicate meetings and decision-making.

Syndicate Pre-emption

Requirements regarding syndicate members’ rights of pre-emption in capacity allocation.

Conduct, disputes and complaints

Enforcement

Requirements governing enforcement of compliance with Lloyd’s rules.

Members' Ombudsman

Requirements governing resolution of complaints by the Members’ Ombudsman.

Members' Compensation Scheme

Requirements regarding a scheme for compensating individual members of the Society for certain losses.


Additional relevant information