The bylaw governed the form of agreements between Lloyds names, their agents and managing agents. The defendant contended that an agreement failing to comply with the requirement was void and unenforceable.
Held: Failure to comply would lead to disciplinary sanctions, and there was no need to take that further to make an infringing agreement void. This would have the perverse effect of denying to the policyholder the protection for which the rules were established.
Judges:
Lord Phillips Mr, Lord Justice Waller, And, Lord Justice Buxton
Citations:
Times 18-Feb-2002, [2002] EWCA Civ 65
Links:
Statutes:
Lloyds of London Bylaw No 8 of 1988 Sch 2, Lloyds Act 1982
Jurisdiction:
England and Wales
Insurance
Updated: 05 June 2022; Ref: scu.167599