A Name can resign from Lloyd's membership by giving notice to the membership department. If the notice is not given until after 31 August before the end of the final Lloyd's year, the Name's member's agent must advise the membership department whether the Name has been removed from all syndicates for the following year. A resignation fee is payable.
Membership does not cease until all the resigning Name's syndicates are closed by reinsurance. This means that a Name must continue to maintain funds at Lloyd's while they are a member of a syndicate in run-off.
Names can give notice that they wish to cease underwriting temporarily. Where a Name is not underwriting and has not done so for three or more consecutive
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