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학술저널
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한국외국어대학교 법학연구소 외법논집 외법논집 제27호
발행연도
2007.1
수록면
399 - 419 (21page)

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Lloyd’s is the world’s leading, specialist insurance market. Like any market, it enables those with something to sell–underwriters providing insurance coverage–to make contact with those who want to buy–brokers, working on behalf of their clients who are seeking insurance. Owing to the strict self regulation by its members and continuous development insurance plan, Lloyd's has gained the dominant status in the world's insurance market. The Lloyd's Act 1871 was the first results of their efforts in legal fields. There had been several Lloyd's Acts until 1982 and some of them are still used for Lloyd's self-regulating system. Recently, a new law which is called as Financial Services and Markets Act 2000 has been enacted in order to consolidate the legal regulation on all areas of financial industry in the UK. The act also affect the special characteristics and self-regulating system of Lloyd's. Lloyd's is now regulated by the UK Financial Services Authority, under the Financial Services and Markets Act 2000. Therefore, the Authority and Lloyd's have common objectives in ensuring that Lloyd's market is appropriately regulated and, to minimise duplication, the Authority has agreed arrangements with Lloyd's for the co-operation on supervision and enforcement.

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