The British Lloyd's headquarters building in London. /money/insurance/bxsd/20070317/03553415929.shtml

The largest insurance organization in the UK. Lloyd's is itself a society, more precisely an insurance market, similar to the New York Stock Exchange, but it only provides trading venues and related services to its members, and does not itself underwrite business.

Lloyd's of London evolved from Lloyd's Café, so it is also called "Lloyd's Insurance Company". In 1871, Lloyd's of London officially became a social organization through an act of Parliament. Lloyd's is managed by a board of directors elected by its members. It consists of claims, publishing, bill signing, accounting, legal and other departments, and has offices in more than 100 countries. The agency formulates insurance policies, insurance certificates and other standard formats for its underwriters. In addition, it publishes periodicals and magazines on maritime transportation, merchant ship dynamics, insurance and maritime affairs, etc., which are distributed around the world.

By 1996, Lloyd's had approximately 34,000 members, including 26,500 in the United Kingdom, 2,700 in the United States, and more than 4,000 in other countries, and formed more than 200 underwriting institutions. combination. Each member of Lloyd's must have assets of at least ￡100,000, pay a deposit of ￡37,500, and have an annual insurance income of at least ￡150,000. Lloyd's has always stipulated that each member should bear unlimited liability for the business underwritten by him. However, due to Lloyd's accumulated losses of 8 billion pounds in recent years, it has now been changed to limited liability. In the 1990s, Lloyd's business operations and management were rectified and reformed, allowing legal entities with limited liability to be accepted as members, and allowing individual members to withdraw from the club or merge to become members with limited liability. Therefore, the characteristics of individual underwriters and unlimited liability of Lloyd's after reform have gradually faded away, but this does not affect Lloyd's leadership in the world insurance industry.

Historically, Lloyd's designed the first theft insurance policy, issued policies for the first automobile and the first aircraft, and in recent years has been a pioneer in computers, petroleum energy insurance and satellite insurance. . The terms and declaration formats designed by Lloyd's have extensive influence in the world's insurance industry, and the rates it sets are also the benchmark for the world's insurance industry. Lloyd's underwrites a wide range of businesses. Lloyd's is recognized around the world for its outstanding contribution to the development of the insurance industry, especially marine insurance and reinsurance.

Lloyd’s Underwriting and Claims

After mergers and changes, Lloyd’s currently has 71 insurance underwriting syndicates, as well as a large number of insurance brokers and insurance agents to provide insurance services . In principle, policyholders and original insurance companies can find a variety of insurance companies to meet their protection requirements.

For insurance claim requirements, Lloyd's has sufficient funds and a good system to ensure repayment. Lloyd's has designed four links to reflect this kind of protection. The first link is members' premium trust funds, the second link is members' additional capital, the third link is other assets, and the fourth link is Lloyd's Social Center Fund.

Latest News

On November 28, 2000, the opening ceremony of Lloyd's Beijing Representative Office was held. This is the first time that Lloyd's has set up a representative office in a country that does not have its own business institutions, which shows that Lloyd's attaches great importance to the Chinese insurance market, which is gradually becoming an important insurance and reinsurance center in the world.

On July 21, 2002, an application was formally submitted to the China Insurance Regulatory Commission, seeking permission to establish a domestic reinsurance branch in China.

On the afternoon of November 11, 2003, Lloyd’s management—James M. Chief Representative Mr. Xie Zheqiang came to our law firm for a visit and discussion.

The main purpose of the trip for the three Lloyd's guests was to understand China's relevant insurance laws, the legal obstacles faced by Lloyd's when entering China, and the general situation of the current judicial interpretation and formulation process of China's "Insurance Law".

First of all, Sutherland, Director of Business Development Department of Lloyd's Headquarters, introduced the situation of Lloyd's. Mr. Burling, the legal counsel of Lloyd's, introduced the underwriting and claims settlement situation of Lloyd's. Mr. Burling was more concerned about Lloyd's as an insurance market, rather than whether the unique organizational form of an insurance company could be widely recognized by law.

We introduced to the three guests that the special form of Lloyd's is indeed somewhat unique to Chinese law. The insurance business entities currently stipulated in China's Insurance Law mainly include insurance companies, reinsurance companies, insurance brokerage companies, insurance agency companies, brokers and agents, etc. There are no corresponding provisions in Chinese law for institutions or markets like Lloyd's. Therefore, if Lloyd's enters China, I am afraid that certain arrangements will be required. For example, when it comes to claims settlement, Lloyd's may need to make arrangements as a whole, rather than having individual underwriting members be responsible for claims settlement.