20-1021. Lloyd's association defined
As used in this article, unless the context otherwise requires, "Lloyd's
association" means any aggregation of individuals, called "underwriters," who under a
common name engage in the business of insurance for profit through an attorney-in-fact
having authority to obligate the underwriters severally, within such limits as may be
lawfully specified in the power of attorney, on contracts of insurance made or issued by
such attorney-in-fact, in the name of such aggregation of individuals, to and with any
person or persons insured.
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