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Lloyd's: Law and Practice
Informa Law, Jan 2012
Lloyd's: Law and Practice provides a clear, detailed and authoritative explanation of the unique features of Lloyd's and the Lloyd's market from a legal perspective. It analyses legal relationships, applicable legislation and standard documentation prescribed by Lloyd's, in their commercial and historical contexts, with reference to relevant case law.
Among the subjects covered are:
- the constitution of Lloyd's and the powers of its governing body, the Council of Lloyd's;
- the incidents of membership of Lloyd's, including eligibility, capital, solvency, and deposit and premiums trust fund requirements;
- the processes for placing and underwriting business and handling claims, including the “market reform contract” and competition law issues;
- the application of FSMA and EU legislation to Lloyd's and market participants;
- the “chain of security” at Lloyd's, including cash calls, the operation of premiums trust funds, members' funds at Lloyd's, and the Lloyd's Central Fund
- regulatory requirements in the major overseas markets;
- enforcement and disciplinary matters;
- compensation;
- the application of UK and EU insolvency legislation;
- the “reconstruction and renewal” of the Lloyd's market between 1990 and 1996, the events leading up to it, litigation by Names, and the establishment of Equitas.
Lloyd's: Law and Practice author, Julian Burling, has been involved in advising on and implementing nearly all significant legal developments at Lloyd's in the last 25 years and is the current Chairman of the British Insurance Law Association (BILA).
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