Introduction to Lloyd's: regulation and management: the Corporation and central functions
The Corporation of Lloyd’s
The Corporation of Lloyd’s provides executive support for the Council and the Franchise Board (LLM1160), and for the market as a whole, through a number of departments.
For example, it
- negotiates international trading licences, enabling members to write insurance and/or reinsurance in around 80 territories worldwide under the Lloyd’s name
- acts as trustee for and administers the funds of members
- provides members with accounting and taxation information and a number of other administrative services, although some of these have been outsourced.
Lloyd’s Market Services (LMS)
LMS provides a central reporting service for members. It collates syndicate level information and some member level information relating to income and expenditure connected with each member’s underwriting activities. This is sent out to members and their agents in a variety of summarised forms. For UK tax purposes, the two most important are the Taxation Advices, CTA1 for syndicate results (“Underwriting Account”) and CTA2 (“Non-Syndicate Income and Expenditure Summary”) for some other income and expenses.
In addition to Equitas, Centrewrite and Lioncover (see LLM1020) Lloyd’s has another subsidiary, Additional Securities Ltd, set up to provide regulatory deposits overseas. The company is funded by loans from syndicates.