README.md

LloydsMarket-Solidity

The aim of this project is to replicate the Lloyd's insurance market as Ethereum/Solidity based smart contracts.

Disclaimer

This is a personal project. The work and code herein is in no way affilated with, endosered or approved by Lloyd's.

Principle purpose of the market

TODO

History of Lloyd's

TODO

Market Participants (Enitites)

Corporation of Lloyd’s

Broker

Managing Agent

Syndicate

Delegated Authority (Coverholder)

Open Market Correspondent (OMC)

For Lloyd's purposes an OMC is an insurance intermediary, that does not have the status of a Lloyd's approved Coverholder and that introduces business to Lloyd's, either directly or through a Lloyd's Broker for placement at Lloyd's on an open market basis.

Member

Members' Agent

Policy Holder

Market Processes

Placing Risk

Underwriting Risk

Capacity Auctions

Through the auction process, existing syndicate members are able to realise any value attaching to the surrender of all or part of their right to participate on a syndicate for a subsequent year of account.

Funds at Lloyd's (FAL)

Each member of Lloyd's is required to provide capital as security to support their total Lloyd's underwriting business.

Distribution

Regulation