What body of Lloyd's promotes its market and determines the capital members must provide?

The Corporation of Lloyd's is the entity responsible for promoting the market and determining the capital members must provide. This organization plays a crucial role in ensuring the stability and integrity of Lloyd's as a marketplace for insurance and reinsurance. It manages the overall operation and regulation of the market, making rules that govern the conduct of members and ensuring that sufficient financial resources are available to meet insurance obligations.

By setting capital requirements, the Corporation helps maintain the solvency and financial strength of the market, protecting policyholders and fostering confidence in Lloyd's as an insurer. This capital is essential for underwriters to operate effectively, as it guarantees that adequate funds are available to cover potential claims.

While the Council of Lloyd's is involved in governance and strategic oversight, and the Management Board focuses on operational matters, it is ultimately the Corporation of Lloyd's that has the specific mandate to manage member capital requirements and promote the overall viability of the Lloyd's market. The Association of Underwriters is more related to the interests of individual underwriters rather than the governance and market promotion aspects managed by the Corporation.