Lloyd's Act 1982
| Jurisdiction | UK Non-devolved |
Lloyd's Act
1982
c. xiy 1
ELIZABETH H
1982 CHAPTER xiv
An Act to establish a Council of Lloyd's; to define the
functions and powers of the said Council; to amend
and repeal certain provisions of Lloyd's Acts 1871 to
1951;
and for other purposes. [23rd July 1982]
VIZHEREAS—
(1) By Lloyd's Act 1871 certain persons were united into a
1871
c xxi.
society or corporation for the purposes of that Act and were
incorporated by the name of Lloyd's (hereinafter referred to as
"the Society") and various powers were conferred upon the
Society by the said Act:
(2) By the said Act of
1871
there was established a committee
of members of the Society called the Committee of Lloyd's to
have the management and superintendence of the affairs of the
Society and to exercise all the powers of the Society (except as
in the said Act provided), subject to control and regulation by a
general meeting of the members of the Society:
(3) By the said Act of 1871 the members of the Society in
general meeting were empowered to make byelaws for the
purposes provided in that Act and generally for the better
execution of the Act and the furtherance of the objects of the
Society, and byelaws have from time to time been so made:
2 c. xiy Lloyd's Act
1982
(4) Further powers were conferred on the Society and on the
1911
c.
Ixii.
members of the Society in general meeting by Lloyd's Act 1911,
1925
c.
xxvi.
Lloyd's Act 1925 and Lloyd's Act 1951:
1951
c.
viii.
^ Since 196§ the num|,er 0f persons resident outside the
United Kingdom admitted as members of the Society and the
total number of members of the Society have both greatly
increased so that it is no longer practical or expedient for the
members of the Society to exercise in general meeting the powers
reserved to them by the Acts hereinbefore mentioned:
(6) It is expedient in order to enable the Society to regulate
the management of its affairs in accordance with both present-
day requirements and practice and the interests of Lloyd's
policyholders that—
(a) there should be established a Council of Lloyd's to have
control over the management and regulation of the
affairs of the Society;
(6) the said Council should have power to make byelaws for
the purposes of such management and regulation,
including byelaws making provision for and regulating
the admission, suspension and disciplining of members
of the Society, Lloyd's brokers, underwriting agents and
others; and
(c) certain provisions in Lloyd's Acts 1871 to 1951 should
be amended or repealed:
(7) It is expedient that the other provisions contained in this
Act should be enacted:
(8) The purposes of this Act cannot be achieved without the
authority of Parliament:
May it therefore please Your Majesty that it may be enacted,
and be it enacted, by the Queen's most Excellent Majesty, by
and with the advice and consent of the Lords Spiritual and
Temporal, and Commons, in this present Parliament assembled,
and by the authority of the same, as follows:—
Citation.
l._(i)
This Act may be cited as Lloyd's Act 1982.
(2) Lloyd's Acts 1871 to 1951 and this Act may be cited
together as Lloyd's Acts 1871 to 1982.
Interpretation. 2.—(1) In this Act, unless the context otherwise requires—
" the Act of
1871
" and " the Act of
1911
" mean respectively
1871
c.
xxi.
Lloyd's Act 1871 and Lloyd's Act 1911;
" annual subscriber " means a person admitted to the Room
as an annual subscriber;
Lloyd's Act
1982
c. xiv
" Appeal Tribunal" means the appeal tribunal established
pursuant to section 7 (1)
(b)
of*
this Act;
" associate " means a person admitted to the Room as an
associate;
" the Committee" means the committee constituted by
section 5 of this Act;
" the Council" means the council constituted by section 3
of this Act;
" director " includes any person occupying the position of
director by whatever name called;
" Disciplinary Committee " means a disciplinary committee
established pursuant to section 7 (1)
(a)
of
this
Act;
" external member of the Council" means a member of
the Council elected pursuant to section 3 (2) (b) of this
Act;
" external member of the Society " means a member of the
Society who is not a working member of the Society;
" Lloyd's broker " means a partnership or body corporate
permitted by the Council to broke insurance business
at Lloyd's;
" manager " in relation to a Lloyd's broker or underwriting
agent, means a person who exercises managerial func-
tions under the immediate authority of the board of
directors, or any member
thereof,
or of the partners,
or any one of them, as the case requires, of the
Lloyd's broker or underwriting agent;
"member of the Society" means a person admitted to
membership of the Society;
" nominated member of the Council " means a member of
the Council appointed pursuant to section 3 (2) (c) of
this Act;
"non-underwriting member" means a member of the
Society who is not an underwriting member;
" related company ", in relation to any company, means any
body corporate—
(a) which is that company's subsidiary; or
(b) of which that company is a subsidiary; or
(c) which is a subsidiary of that company's holding
company;
and " holding company " shall have the meaning given
by section 154 of the Companies Act 1948 which shall
1948
c.
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