Compensation for insolvency. In the event of a particular member of Lloyd’s being unable to meet its liabilities arising out of insurance business written in Malta by such member, the Lloyd’s New Central Fund may be made available, at the discretion of the Council of Lloyd’s, for that purpose. In addition, members of Lloyd’s contribute to the Protection and Compensation Fund established in terms of Maltese Law in respect of insurance business written in Malta through Maltese coverholders approved by Lloyd’s. In the eventuality of claims remaining unpaid due to the insolvency of a member of Lloyd’s represented by a Maltese coverholder, limited compensation may be available to the policyholder from that Fund.
Appears in 4 contracts
Samples: Client Terms of Business Agreement, Client Terms of Business Agreement, Client Terms of Business Agreement
