Which body within Lloyd's is responsible for creating bye laws that must be adhered to by managing agents and syndicates?

The Council of Lloyd's is indeed responsible for creating bye-laws that must be adhered to by managing agents and syndicates. The Council acts as the governing body of Lloyd's and plays a crucial role in shaping the regulatory framework within which the Lloyd's insurance market operates. This includes the formulation and implementation of bye-laws that provide the rules and guidelines that managing agents and syndicates must follow to ensure orderly conduct of business and compliance with the overarching principles of the Lloyd's market.

The bye-laws are essential for maintaining the integrity and functionality of the market, as they set standards for behavior, operational processes, and regulatory compliance among entities that operate within Lloyd's. By establishing these bye-laws, the Council ensures that all participants are aligned with the regulatory expectations and that the market functions smoothly.

While the Corporation of Lloyd’s provides overall management and administrative support, the Council is specifically tasked with the authority to create these bye-laws. Lloyd's names, being the individual investors in the syndicates, and managing agents, who are responsible for the daily operations of syndicates, do not have the legislative power to create bye-laws.