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Thursday, 26 June 1941

Senator McBRIDE - The Treasurer has supplied the following answer: -

Lloyd's Corporation of London is an association of underwriters, but the corporation as such does not subscribe policies of insurance, the risks being accepted by the individual underwriting members of Lloyd's.

Under section 8 of the Insurance Act the lodgment of a deposit in respect of insurance business in the Commonwealth on behalf of Lloyd's underwriters is the liability of the Australian broker or agent for Lloyd's. In compliance with the act, separate deposits have been made by Lloyd's brokers and agents in Australia.

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