Requirements relating to general, on-going operation in the Lloyd’s market, covering core activities, compliance, and operational matters.
The requirements
Core activities and roles
Lloyd's Claims Lead Arrangements
Requirements regarding claims handling and lead arrangements.
Agency Agreements
Requirements regarding agreements between members and managing agents.
General operational matters
Agency Obligations
Requirements regarding certain duties and responsibilities of managing agents.
Annual Subscribers
Requirements regarding ongoing obligations for annual subscribers.
Assignment of Syndicate Participations (Second Nominations)
Requirements regarding assigning or transferring syndicate participations.
Audit Arrangements
Requirements regarding auditing of syndicates and underwriting agents.
Conversion and Related Arrangements
Requirements regarding conversion arrangements, share swap arrangements
and surrender arrangements.
Following Year Underwriting
Requirements regarding underwriting by provisional syndicates under the standard managing agent’s agreement.
Major Syndicate Transactions
Requirements governing certain significant transactions in syndicate capacity.
Mandatory Offers
Requirements regarding circumstances in which offers to purchase syndicate capacity must be made.
New Central Fund and Property of the Society
Requirements governing contributions to the new central fund and relating to the Society’s property.
Performance Management – Supplemental Requirements and Guidance
Requirements regarding performance standards and guidance for managing agents.
Powers of Charging
Requirements regarding charges and levies which Lloyd’s may impose.
Syndicate Pre-emption
Requirements regarding syndicate members’ rights of pre-emption in capacity allocation.
Conduct, disputes and complaints
Members' Ombudsman
Requirements governing resolution of complaints by the Members’ Ombudsman.
Members' Compensation Scheme
Requirements regarding a scheme for compensating individual members of the Society for certain losses.