Names finally win chance for LLP status
The Treasury has now confirmed that there is no reason to prevent the introduction of Limited Liability Partnerships at Lloyd’s. This follows an earlier in principle confirmation from the Financial Services Authority. The timetable for their introduction is not yet fixed, but Lloyd’s is trying to have them available for the 2006 year of account, subject to the legal and regulatory requirements involved.
There are 1,625 individual Members of Lloyd’s (generally known as Names) underwriting on an unlimited liability basis in 2005. They provide £1,445 million of capacity currently, an average of £900,000Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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