Lloyd 's of London said it plans to clamp down on the ability of underwriting syndicates to leave their annual accounts open beyond the customary three years . Underwriting syndicates at Lloyd 's , the world 's largest insurance market , generally do n't close their accounts for three years , to allow for the filing of claims and litigation . When such claims and litigation extend beyond the period , the syndicates can extend their accounting deadlines . Lloyd 's said there are currently 115 open account years involving 68 of the market 's roughly 360 syndicates . The open-year accounting practice `` is widely recognized within Lloyd 's as of serious concern '' to the 31,329 member investors , who underwrite insurance at Lloyd 's in return for premium and investment income , Lloyd 's said . The procedure causes `` great uncertainty '' because an investor ca n't be sure of his or her individual liability , Lloyd 's said . As a result , the insurance market plans new measures to restrict the ability of syndicate officials to leave years open . Lloyd 's said it expects to enact new rules mandating the changes by year end . Under the new rules , the officials will have to secure additional information and reports from actuaries , including an assessment of whether officials have acted reasonably . In addition , officials will have to get quotes for certain reinsurance contracts and obtain approvals from other syndicate directors .