Lloyd’s of London announced tougher new financial...

Lloyd’s of London announced tougher new financial requirements for its members in an attempt to strengthen the security of insurance policies written at the underwriting exchange. Lloyd’s said the new requirements, to go into effect in 1990, would for the first time raise the deposit required of the exchange’s British members to the same level required of its foreign members. Under the new rules, members with financial resources of $450,000 or more would need to deposit funds with the exchange equal to 30% of their “premium limit”--the maximum amount of premium that members are entitled to claim in insurance policies.