Chartered Company
The company received its royal charter under the Royal Exchange and London Assurance Corporation Act 1719, popularly known as the Bubble Act. Under the terms of this legislation, the Royal Exchange and the London Assurance Company were the only incorporated bodies chartered to write marine insurance. Although this eliminated competition from other corporations, private underwriters, such as those at Lloyd's of London would remain in business. This arrangement continued until the repeal of the act, in 1824.
Read more about this topic: Royal Exchange Assurance Corporation
Famous quotes containing the words chartered and/or company:
“When he speaks,
The air, a chartered libertine, is still.”
—William Shakespeare (1564–1616)
“I shall never send for a priest or recite an Act of Contrition in my last moments. I do not mind if I lose my soul for all eternity. If the kind of God exists Who would damn me for not working out a deal with Him, then that is unfortunate. I should not care to spend eternity in the company of such a person.”
—Mary McCarthy (1912–1989)