What is lloyd's association?

Answer 1

Lloyd's Associations are a form of Insurance Company. Where as: Ins. Stock Companies are owned by shareholders who earn dividends (surplus after policy caims are paid out). Mutual Ins. Companies are owned by the policy holders who share in the divideds. Reciprocal Exchange company is where the Policy holders are both the Insurer and Insured with an Attorney-in-fact for operating the pay out on claims and dividends. A Lloyd's Association Company is an association of 10 or more Insurance Underwriter's that receive their divideds through an Attorney in fact. They are subject to regulations except for form and rates. They can write up to ten times their net assets. They can write all insurance policies, but Life and they must have Lloyd's in their name. All Lloyd's Associations have no connection with Lloyd's of London, the largest reinsurer in the world.