The nature of Lloyd's
Perhaps the most interesting thing about this is that it is Lloyd's is not an insurance company and does not issue an insurance policy. It is an Association of individuals who write (write) insurance for own account. The New York stock exchange began as an open market under the auspices of the buttonwood on Broad Street, which Wall & sell and buy shares, similar to the purchase of insurance for Lloyd's and its members. New York Stock Exchange, such as Lloyd's provides the room (hall) and also procedures for business transactions. Both of these organizations are not taking part in a trade for its own account.
Facilities directly from Lloyd's is open to members, subscriptions-subscriptions, and associates.
Two classes of membership, namely underwriting (insurer) and non-underwriting. Underwriting members eligible to receive (or bear = underwrite) on their own account. There are now approximately 6500 underwriting members of Lloyd's. They are usually organized their business through underwriting agent.
On a day of ordinary business, approximately 275 people active agent
can be found in the "underwriting" they accept or reject the proposals
they submitted to insurance to Lloyd's Broker-Realtor, except the right
to act as the insurer (insures). They may act as broker on behalf of the public to place their business with members of the underwriting (the insurer).
In addition to the annual subscription is a member of the IE people who earn the right to strive as a Lloyd's broker. There are now approximately 220 company Realtor who acquire this right.
Associates are the technicians as a solicitor-advocate, the Resolver's claim, and the actuary, which provides services to members or subscriptions and thus merits they needed here.
The members, subscriptions, and associates must be passed by the regulator Lloyd called the Committeé of Lloyd's which is a body consisting of 12 people selected with a term of 4 years.
The function of the Lloyd's
Some important functions of Lloyd's is that it has the facilities to obtain information bearing from around the world about the risks of the sea and flight, and he kept a complete record-keeping regarding loss-a loss. He also helped the settlement of losses – losses and oversaw the rescue and repair throughout the world. More than 1500 agents and sub agents in the employ of this by the Agency to carry out its functions. Lloyd's provides room for its members and the venue for business transactions with the insurance underwriters members. It organizes its business transactions, refereed disputes create forms of wisdom, and issued a policy for its members. Members of the Lloyd's rules against the spread – rules and provisions which according to them is not at all necessary to protect the public. Freedom to act is very much appreciated, but the members recognize that freedom does not release them from the observations of a number of rules that have not been written. Committee of Lloyd's is not authorized to set the underwriting rules, making fares, or determine the wisdom of an underwriter non write in types of insurance the premium charge that want it and harms his chosen, which according to the provisions of the terms – they are completely unnecessary for the protection of the public. Freedom to act is very much appreciated, but the members recognize that freedom does not release them from the observations of a number of rules – rules that are not written. Committee of Lloyd's is not authorized to set a rule – the rule of underwriting, making fares, or determine the wisdom. An underwriter is free to write the kind of insurance that pleases him and charge a premium, the provisions – provisions of Committee primarily intended to guarantee the solvency of members – members of the insurer
