Lloyd s as one of the well established risk carriers on the international insurance and reinsurance market


Introductory part of the article has narrative of the: Lloyd’s origins and development through the centuries, from Mr. Lloyd’s coffee bar opening until modern organization and electronic trading. Author points out that Lloyd’s is akin to administrative body-providing various services to its members from offices, library to policies issuing, central accounting and information services than it is an insurance- company. Article describes Lloyd’s organization, namely members and agents, types and their func¬tion, as well as its syndic J tes. Relevant sections have concise description of the traditional, mixed, corpo¬rate, parallel syndicates, as well as captive syndi¬cates, pool syndicate and syndicate consortium, brokers’ registration and accreditation conditions, as well as work arid claim settlement procedures have address of their own.
Broj .1/4/2005
In the second part, author explains functions of the Lloyd’s bodies and their hierarchy, namely Council of Lloyd’s, President of Lloyd’s, Executive Director and Franchise Board. Furthermore, com¬mittees’ authority and reporting responsibilities and the Lloyd’s chain of security, i.e. Member’s Trust Funds, Funds at Lloyd’s, Other Personal Wealth and Central fund are examined within the unique organization framework. Finally, author briefly explains Lloyd’s Kinnect system.