Under the terms of the Insurance Business Law (Law No. 105 of 1995), Lloyd's is licensed to write onshore insurance (Japan direct or reinsurance non-life business) via LJI. The law stipulates that LJI must take the structure of a general agent representing the interests of the Society and all its members. LJI is registered as a Lloyd's coverholder and for the same regulatory reasons must remain the only Lloyd's coverholder in Japan. With some exceptions, reinsurance business can be freely transacted offshore.
Lloyd's Delegated Authorities Department must approve a coverholder prior to its appointment to bind business on behalf of Lloyd's underwriters. For further information, access the Lloyd's Delegated Authority web page