Reinsurance - M97（Dip级30学分，选修）-《再保险》
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（前述章节【Dip系列课程】M97-第九章-再保险市场B-B1A上）
B1A Lloyd’s（劳合社）
Structure of the market（市场结构）
The Lloyd’s market is a subscription market. This means a number of separate syndicates often participate on a risk, sharing premiums and claims, according to their respective share. The majority of its business is introduced by accredited Lloyd’s brokers.
劳合社市场是一个订阅市场。这意味着许多独立的辛迪加经常参与风险，根据各自的份额分担保费和索赔。其大部分业务由经认可的劳合社经纪人介绍。
Members underwrite through syndicates that are not legal entities in themselves. Each is managed by a managing agent, which is authorised by the PRA in conjunction with the FCA. The managing agents write insurance business on behalf of the member(s) of the syndicate, which receive profits or bear losses in proportion to their share in the syndicate. Syndicates are annual ventures, formed at the beginning of each underwriting year of account and disbanded once the year of account is closed, usually after 36 months. This is done by way of a reinsurance to close (RITC) policy to a successor syndicate.
成员通过辛迪加进行承保，辛迪加本身不是法人实体。每个辛迪加都由管理代理管理，管理代理由 PRA 和 FCA 联合授权。管理代理代表辛迪加成员承保保险业务，成员根据其在辛迪加中的份额获得利润或承担损失。辛迪加是年度企业，在每个承保会计年度开始时成立，会计年度结束后解散，通常在 36 个月后。这是通过向继任辛迪加提供再保险结算 (RITC) 政策来完成的。
The management and governance of Lloyd’s business is incorporated by Act of Parliament, currently the Lloyd’s Act 1982. Under the Act, the Council of Lloyd’s is responsible for the management and supervision of the market.
劳合社业务的管理和治理由国会法案（目前为 1982 年劳合社法案）纳入。根据该法案，劳合社理事会负责市场的管理和监督。
Chain of security（安全链）
A unique feature of the Lloyd’s market is its capital structure, usually referred to as its chain of security. There are three links in the chain:
• Link 1- The syndicates’ assets, namely the premium held in trusts.
• Link 2- Members’ funds at Lloyd’s, namely additional capital held in trust for the benefit of policyholders in support the member’s underwriting at Lloyd’s. Each member, whether corporate or individual, must provide capital to cover its underlying business risks at a 99.5% confidence level.
• Link 3- Lloyd’s central assets are available, at the discretion of the Council of Lloyd’s, to meet any valid claim that cannot be met from the resources of any member further up the chain and include the Central Fund (to which each member makes annual contributions of either 0.35% or 1.4% depending on length of membership), the Corporation’s assets, subordinated debt and securities issued by the Corporation and a ‘callable layer’ (that is, up to 3% of a member’s overall calendar premium limits).
劳合社市场的一个独特之处是其资本结构，通常称为安全链。链条中有三个环节：
• 环节 1- 辛迪加的资产，即信托中持有的保费。
• 环节 2- 劳合社成员的资金，即为保单持有人的利益而以信托形式持有的额外资本，用于支持成员在劳合社的承保。每个成员，无论是公司还是个人，都必须提供资本来覆盖其基础业务风险，置信度为 99.5%。
• 环节 3- 劳合社理事会可自行决定使用劳合社中央资产来满足任何有效索赔，而这些索赔无法通过任何上游成员的资源来满足，包括中央基金（每个成员每年向该基金缴纳 0.35% 或 1.4% 的款项，具体取决于成员的会员资格年限）、公司资产、公司发行的次级债务和证券以及“可赎回层”（即最高可达成员整体日历保费限额的 3%）。
Through detailed analysis, the Corporation determines the optimum level of central assets, seeking to balance the need for robust financial security against the members’ desire for cost-effective mutuality of capital.
通过详细分析，公司确定中央资产的最佳水平，力求在对强大财务安全的需求与成员对具有成本效益的资本互助的需求之间取得平衡。
Lloyd’s European subsidiary（劳合社欧洲子公司）
Following the departure of the United Kingdom from the European Union, Lloyd’s decided to open a subsidiary in order to maintain access to markets in the European Union and in the European Economic Area. After considering various options, Lloyd’s chose Brussels as the base for its new EU subsidiary to secure a European foothold.
在英国脱离欧盟后，劳合社决定开设一家子公司，以保持进入欧盟和欧洲经济区市场的渠道。在考虑了各种选择之后，劳合社选择布鲁塞尔作为其新欧盟子公司的基地，以确保在欧洲的立足点。
Lloyd’s brokers（劳合社经纪人）
Although Lloyd’s brokers were previously regulated directly by Lloyd’s, they are now regulated by the FCA. However, Lloyd’s still controls the accreditation of Lloyd’s brokers centrally, with applicants being required to meet certain criteria set by Lloyd’s. Additionally, managing agents may now accept or place business from or through entities other than a Lloyd’s broker. As at March 2023, there were over 380 registered Lloyd’s brokers and 76 syndicates.
尽管劳合社经纪人以前直接受劳合社监管，但现在受 FCA 监管。然而，劳合社仍然集中控制劳合社经纪人的认证，申请人必须符合劳合社设定的某些标准。此外，管理代理现在可以接受或开展来自劳合社经纪人以外的实体或通过劳合社经纪人开展的业务。截至 2023 年 3 月，劳合社注册经纪人超过 380 名，辛迪加超过 76 个。
The role of a Lloyd’s broker is as follows:
• Advising clients on insurance types, wordings and the market. This role is often extended to include wider advice on risk management and risk financing, including self-insurance, alternative risk financing, and the formation and operation of captive insurance companies.
• Placing the client’s insurance with suitable markets, in Lloyd’s and with London and overseas companies. Although brokers do not take responsibility for insurer security, they are expected to exercise great care in selecting markets that are solvent and secure.
• Preparing appropriate documentation, including cover notes and, in some cases, policies.
• Assisting in, advising on, and in many cases arranging, the payment of claims.
• Brokers are usually well versed in legal and other cover requirements and may supply confirmation of cover where required to third parties.
劳合社经纪人的作用如下：
• 就保险类型、措辞和市场向客户提供建议。这一角色通常会扩展到包括更广泛的风险管理和风险融资建议，包括自保、替代风险融资以及自保保险公司的组建和运营。
• 将客户的保险投保于合适的市场，包括劳合社、伦敦和海外公司。尽管经纪人不负责保险公司的安全，但他们应该非常谨慎地选择有偿付能力和安全的市场。
• 准备适当的文件，包括保险单，在某些情况下还包括保单。
• 协助、建议并在许多情况下安排索赔支付。
• 经纪人通常精通法律和其他保险要求，并可在需要时向第三方提供保险确认。
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