The latest development of Lloyd's insurance company

Opening ceremony of Lloyd's Beijing representative office

On October 28th, 2000, the opening ceremony of Lloyd's Beijing Representative Office was held. This is the first time that Lloyd's has set up a representative office in a country without its own business organization, which shows that Lloyd's attaches importance to the insurance market in China, and China is gradually becoming an important insurance and reinsurance center in the world.

On July 2, 2002, Kloc-0, formally applied to China Insurance Regulatory Commission, and was approved to set up a domestic reinsurance branch in China.

On the afternoon of June 5438+065438+1October1,2003, James M M Sutherland, head of the business development department of Lloyd's headquarters in the UK, Julian M Burling, legal adviser of Lloyd's, and Mr Xie Zheqiang, chief representative of Lloyd's Beijing Representative Office visited our office for discussion.

The purpose of the three Lloyd's guests' visit is to understand the insurance law of China, the legal obstacles Lloyd's faces when entering China, and the general situation of the judicial interpretation of China's insurance law at present.

First of all, Sutherland, head of the business development department of Lloyd's headquarters, introduced the situation of Lloyd's. Mr. Burling, the legal adviser of Lloyd's, introduced the underwriting and claims settlement of Lloyd's. Berlin is more concerned about whether Lloyd's, as an insurance market rather than an insurance company, can be widely recognized by law.

We told three guests that Lloyd's special form is indeed unique to China law. At present, the insurance business entities stipulated in China's Insurance Law mainly include insurance companies, reinsurance companies, insurance brokerage companies, insurance agencies, brokers and agents. There is no corresponding provision in China law for institutions or markets like Lloyd's. So if Lloyd's enters China, I'm afraid it will need some arrangements. For example, when making claims, Lloyd's may need to make overall arrangements, instead of each insured member being responsible for making claims. Of course, when underwriting, if the transaction is conducted in China, it should be conducted in the name of Lloyd's rather than the name of the underwriting member.

In addition, we also introduced the formulation process and main contents of judicial interpretation of China Insurance Law to Lloyd's guests. Generally speaking, the judicial interpretation of insurance law mainly includes the following contents: (1) to clarify some basic principles of insurance industry; Agreement on matters affecting the establishment and entry into force of the insurance contract; Determine the nature of the new insurance business; Solve practical difficult cases and problems.

We also briefed the guests on the relevant provisions of other laws in China and what we learned about other foreign insurance companies entering China. And introduced the performance and characteristics of my insurance lawyer service field.

The talks lasted more than two hours and ended in a friendly atmosphere. The two sides agreed to conduct preliminary cooperation in some fields and affairs.

Lloyd's subsidiary settled in Shanghai

Release date: April 5, 2006 Source: Zhejiang Foreign Trade and Economic Cooperation Department

Lloyd's, Britain's largest insurance market, decided to take Shanghai as the headquarters of its reinsurance company in China. This is the first branch of Lloyd's in the world.

Lord Levin, chairman of Lloyd's, said that Shanghai was chosen because it is a developing commercial and financial center in China. Lloyd's will keep its representative office in Beijing, which has been opened for six years, in order to maintain the strong relationship established by Lloyd's there.

Lloyd's is not an insurance company, but an underwriting society composed of individual members and company members, or an insurance trading center. Lloyd's offers thousands of kinds of insurance, covering millions of dollars in premiums from all over the world every working day. Lloyd's Council not only has the right to supervise its members and formulate its own laws and regulations, but also undertakes the responsibility of formulating laws and regulations and supervising the market. China's existing laws and regulations, such as the Insurance Law, the Regulations on the Administration of Foreign-funded Insurance Companies, and the Provisions on the Establishment of Reinsurance Companies, have not yet formulated regulatory details for Lloyd's, a unique structure.

Lloyd's wants to expand the Middle East market.

March 2, 2007 1 1:04 China Insurance News.

Lord Peter Levene, Chairman of Lloyd's, said at Marsh Inc's seminar on state-owned oil companies held in Dubai on February 27th that the development of Asian market further expanded its global business. Therefore, Lloyd's hopes to expand its business in the Middle East energy market.

Levin said: "Although the insurance industry is inclined to London, we must not ignore the growing demand to push London to the world."

He said: "Now, we are making final preparations for setting up a company in China, and the company will open in the next few weeks. Lloyd's Asia platform in Singapore is growing rapidly; At the same time, we are also expanding our business in markets such as Japan and Malaysia. "

Insurance weathervane Lloyd's will open in China.

Debut on April 16.

March 2007 17 03:55 China Securities Network-shanghai securities news Our reporter Lei Huang.

Perhaps aware of its impact on China's insurance market, Lloyd's of London, the world's oldest insurance institution, tried to keep a low profile during the site selection and preparation of China. However, this has not affected the insurance industry in China to pay close attention to it. The latest news about Lloyd's China Reinsurance Company came again.

Informed sources revealed to our reporter yesterday that Lloyd's China Reinsurance Company officially received the approval from the China Insurance Regulatory Commission on March 14, and is now stepping up the registration procedures in industrial and commercial registration. Lord Levin, chairman of Lloyd's, will arrive in Shanghai on April 6, 2006 to unveil its opening ceremony.

The establishment of Lloyd's Reinsurance Company in Shanghai will enable China's insurance industry to enter the Lloyd's market, and also enable Lloyd's member units to participate in the insurance market construction in China. In the China insurance market in 2007, its entry is undoubtedly a blockbuster, which will set off a new earthquake in the domestic insurance market.

This is not difficult to see from the "labor dispute" in Beijing and Shanghai. It is reported that before the location of the subsidiary was finalized, the mayors of Shanghai and Beijing and the officials of the Insurance Regulatory Bureau had many "close contacts" with Lord Levin respectively, listing the advantages of their respective cities. Finally, Shanghai narrowly won by virtue of its active financial market atmosphere.

Because Lloyd's unique business model has no rules to follow in China's existing insurance law, in the face of the lucrative China market, Lloyd's finally chose to abandon its consistent business model in more than 60 other countries and regions and set up a subsidiary in China as an exception.

The above-mentioned person said that the business focus of Lloyd's China subsidiary is still its advantageous business: reinsurance business such as shipping, satellite, fire fighting and aviation, and consulting business. According to a senior person in the property insurance industry, in the previous 20 years, many domestic policies in the fields of satellites and aviation were basically reinsurance to the international market through Lloyd's.

Lloyd's entry is not just an "insurance weathervane", it will enhance the competitiveness of the whole city insurance and even the financial industry, especially as a catalyst for the "Shanghai Reinsurance Center Construction".

A person in charge of the Shanghai Insurance Regulatory Bureau said in an interview that the most direct effect of Lloyd's entering China was to bring a lot of experience, technology and talents to Shanghai. As an insurance market, Lloyd's settled in Shanghai, which will inevitably attract international companies that have business dealings with Lloyd's to enter Shanghai one after another, bringing a fresh breath to the Shanghai insurance market. For local insurance companies in Shanghai, "any aspect of Lloyd's is worth learning and learning from".

It is worth mentioning that the relevant departments of the Shanghai Municipal Government have clearly indicated that they attach great importance to Lloyd's Reinsurance Company. It is reported that the Shanghai Municipal Government has specially set up a working group headed by Shanghai leaders to ensure the smooth settlement of Lloyd's in Shanghai.

Lloyd's officially entered the reinsurance market in China.

Wang Jinshi Financial Times Hu Limin

As one of the largest special risk insurance companies and reinsurance companies in the world, Lloyd's announced in Shanghai on April 16, 2006 that its reinsurance business in China was officially opened, which means that Lloyd's officially set foot in China reinsurance market.

It is understood that as early as June 5438+065438+ 10, 2005, the China Insurance Regulatory Commission officially approved Lloyd's to set up a reinsurance company in China. In March 2007, Lloyd's Reinsurance (China) Co., Ltd. was approved to start business. Lloyd's business license means that Lloyd's can conduct reinsurance business in China, which enables insurance companies in China to directly enter the Lloyd's market, and also enables Lloyd's to better enter the rapidly developing reinsurance market in China.

Lloyd's Chairman Sir Levin introduced that Lloyd's will adhere to five strategic guiding principles in China: long-term and strategic investment, imparting professional experience and technology, underwriting for financial health rather than market share, allowing all policy holders to fully enjoy the protection of Lloyd's safety chain, and developing insurance brokers.

Lloyd's also introduced the most advanced electronic trading platform to China. The platform enables Lloyd's reinsurance companies in China to exchange electronic information with insurance companies in London, and provides faster services for insurance brokerage companies and reinsurance ceding companies in China. In addition, Lloyd's of Shanghai will make full use of "the insurer market resources in London market". This is an electronic file storage system, which can handle claims and premiums quickly and effectively without consuming paper.

Lloyd's members (collectively referred to as "Lloyd's Market") conduct insurance business through "syndication", and thus form one of the largest special risk insurance companies and reinsurance companies in the world. In 2006, its annual gross premium income (including brokerage commission) was 654.38+064 billion. At the beginning of 2006, the total underwriting capacity of Lloyd's market was 654.38+048 billion.

Lloyd's has a long-term cooperative relationship with the insurance market in China. In the past 30 years, Lloyd's has been providing overseas reinsurance underwriting capacity for water insurance and aviation insurance for insurance companies in China. In 2000, Lloyd's set up a representative office in Beijing.