In recent times we have received a number of enquiries regarding Lloyd’s Underwriters’ authority to write strata business in NSW. We address these queries below.

The NSW Strata Schemes Management Act 1996 states that insurance must be taken out with an approved insurer. The NSW Fair Trading website stipulates that approved insurers are those authorised by APRA for general insurance.

Lloyd’s Underwriters are authorised to write insurance business in Australia pursuant to Section 93 of the Insurance Act 1973, and are regulated by APRA. Sections 65 to 73 of the Act provide for special Australian policyholder protection provisions associated with Lloyd’s. A$2.3B security is held in Australian Trust Funds (figure as at 31 December 2014).

Should you wish to find out more about the Lloyd’s market, we have included some links below.

Related Links

    APRA website

For more information on Lloyd’s Underwriters authorised status visit; http://www.apra.gov.au/GI/Pages/Lloyds-in-Australia.aspx

    Lloyds Security

To view further information on the financial security of the Lloyd’s Market visit; http://www.lloyds.com/lloyds/investor-relations/lloyds-capital-structure

    Lloyd’s in Australia

Click this link to read more;
http://www.lloyds.com/lloyds/offices/australasia/australia