GIM1210 - The UK insurance market: Lloyd's
Lloyd's of London is not an insurance company itself, but an
association of underwriters. At one time these were all
individuals, but in more recent years companies have supplied most
of the capital in the Lloyd’s market.
The underwriting members of Lloyd's, or names, although
grouped together in syndicates, are each insurers carrying on
business on their own account; they may not accept business except
through underwriting agents or active underwriters.
An underwriting agent is a person who is authorised under a
binding agreement to accept insurance risks on behalf of another
person and, more particularly, a person authorised to fulfil this
function on behalf of underwriting members of Lloyd's. An
underwriting agent sometimes acts for both names and other
insurers, often non-residents, especially in the reinsurance
market. The underwriting agent employs the underwriters and other
professional staff.
Syndicate accounts and the returns of corporate members of
Lloyd’s are dealt with in the Large Business Service.
Individual members of Lloyd’s are dealt with in West
Yorkshire Personal Tax Unit. The taxation of Lloyd’s
underwriters is not covered in the General Insurance Manual.
Detailed guidance can be found in HMRC’s Lloyd’s
Manual.
