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 3A NTRODUCTION                                                                 3J 1NTERMEDIARIES            

Lloyd"s Broker
Insurance Consultant
3C PROPRIETARY 1NSURANCE Industrial Assurance Consultant
3G CAPT1VE INSURANCE COMPANIES Association of British Insurers
Loss Prevention Council
British Insurance and Investment
31 LLOYD'S UNDERWR1TERS Brokers" Association



The term 'market' denotes a place where people buy and sell 'goods. There is, of course, no good
reason why services should not also be sold in a market. F'or many years Lloyd's of London was the
only place where representatives of buyers could meet sellers faye to face but there are now similar
markets in the United States.
Most insurance today is arranged by intermediaries acting on behalf of clients. Their job is to
arrange insurances on behalf of people who ask them to do so but also to encourage people to insure
in respect af needs which the intermediary - being experienced in insurance and risk - makes them
aware of,
'I'he diagram 3B shows the general stnicture of the insurarice market. The buyers in ihe market are
ihe i.ublic, irdustry and commerce as well as some local government and nationalised enterprises.
Cbviously there is a difference in the' sizes of risks offered ragging from the contents of very small Oats
insured against fire, to large office blocks in the centre ot a big.'town.
The people who offer insurance cover are the insurers who may be proprietary companies,
cieties, mutual indemnity associations or L)oyd's Vndenvriters, Insurance may be bought directly
: frc.n companies at their branch offices or through their represepta!ives. Most insurance, however, is
arranged through intermediaries who are approached by prospective insureds or bring the need for
insurance to the notice. of their clients. '
Intermediaries are brokers and agents who act on behalf of their clients but are usually paid in the
form of commission by the insurers.


The early companies were created by Royal Charter. They are the'London Assurance (now part of
the Sun Alliance 8c London Group) and the Royal Exchange Assurance (part of the Guardian
Royal Exchange Group) created in 1720. Another way that companies have been formed is.by
Act of Parliament but the more usual way - especially at the present tirhe - is under the Companies Acts.
Proprietary companies are owned by the shareholders whose liability for losses is restricted to the
nominal value of their shares (basically that is the originally stated face value of the shares).


Mutual companies have been formed by Deed of Settlement of registration.under the Companie
Acts. They are owned by the po]icyholders who share any profits made. The shareholder in the
proprietary company receives his share of the profit by way of dividends,' but in the mljtual company
the policyholder ovmer may enjoy lower premiums or higher life assurance bonuses than woQd
otherwise be the case.
It is no longer possible to tell from the name of a company whether it is proprietary or mutual. Many
companies which were originally formed as mutual organisations have now registered under the
Companies Acts as proprietary companies although they have retained the word mutual in their title,
Others, registered as companies limited by guarantee and without the word mutual in their title, are, in
fact, owned by the policyholders.
There are other ways of.classifying insurance companies.
(a) Specialist companies- are those which undenvzite one type of insurance business only, e.g.
life companies, engineering insurance companies,
,(b) Composite companies- are those which underwrite several types of business.'


These are proprietary companies transacting "industrial' life ance and increasingly, "ordinary'
life assurance as well, Their activities in industrial life assurance are controlled by the Industrial
Assurance & Friendly Societies Acts. Premiums are collected weekly, fortnightly or,monthly,'
Collectors are emp)oyed to call at the homes of the policyholders and new business is aho transacted '
in this way.
Ordinary Branch life assurance premiums are collected quarterly, half-yearly'or annually, or paid
by Direct Debit monthly, If the premiums were physically collected more frequently than every two
months the policies would be considered to be Industrial Life Assurance and subject to the '
appropriate laws,


These societies are run qn a mutual basis and are formed bylregistration under the Friendly
Societies Acts. They transact industrial life assurance and, in some cases, personal accident and
sickness cover,
While some of these societies are nationally known names, the ma)oiity dpeiate within ihe area of
their registered o5ce.
Their growth arose out of the Industrial Revolution'when the industrial.worker required funeral
benefits, at least, and these societies provided small policies with the pr'emiums being.co]lected
weekly and therefore at a cost the worker could afford, for example,'the equivalent of less than )/2p.
per week. Levels of cover and premiums have now risen to keep pace with the needs of society and:
the large home service insurers of today grew from these small beginnings"Friendly societies can.
issue specially attractive life assurances subject to an overall premium )imit qf quite a low level; this
premium limit does not app)y to Industrial Life Assurance companies..-:,


Captive insurance is a method of transacting risk transfer which hds become more common in recent
years among the large national and international industrial compahies. The parent company forms a
bwb<! diary company to underwrite certain of its insurable and sometimes otherwise uninsurable risks.
1ndeed the incentive to form a captive company for many largq industrial concerns was ihat the
insuiarice market generally was not prepared to write particuhr risks or provide, full cover (an
exa .ipk. would be insurance guaranteeing a product's performance). The main 'incentives are
to obtain the full benefit of the group's risk control techniques by paying premiums based on its
own experience, avoidance of the direct insurers' overheads and obtaining a lower overa)1 risk

preiniurn level by purchasing reinsurance at )ower cost than that required by the conventional or
direct in.:urer.
Ail diect insurers ret-in only a portion of many risks and reinsure (or insure again) the portion
which is above their financial ability to retain. As the direct or commercial market insurer has all the
y-rocuiation and survey costs to bear, the net cost of reinsurance issub "tantially less thanlhe cost of
uii-.:t.insurance. Hence, the captive company can have access to the lower cost reinsurance market
: -,i4, i wough the proportion of the risk retained, still have the advantages to the group of self-
insurance for that amount of risk. The premiums paid to the captive company are allowable against
curiwraiion tax, although in America the IRS (the US equivalent of our Inland-Revenue) has
disaHov"ed such premiums where the captive transacts no business from risks created outside the
pa16f)t company.
Several captives now transact business from other sources, and many captives are operated from
offshore tax havens such as Bermuda and Guernsey in order to obtain additional savings through

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