Grant of Royal Charter
The Company of Insurers, a Guild company, was incorporated in June 1979. It was granted its Livery status on 18 September 1979 and became The Worshipful Company of Insurers, the 92nd Livery Company of the City of London.
The Company was presented with its Letters Patent of the Grant of the Livery by the then Lord Mayor, Sir Kenneth Cork GBE, DLitt, at a ceremony at the Mansion House on 19 October 1979. In achieving Livery status within three months of incorporation, the Company of Insurers probably holds the record for speed, a fact that recognises the high esteem in which the insurance industry is held in the City.
On 1st September 2015 the Company was granted a Royal Charter by Her Majesty the Queen. Royal Charters have a history dating back to the 13th century and have been granted to Livery Companies by the Sovereign on the advice of the Privy Council, thus giving the Livery Company complete legal personality and powers from the Crown to hold property and make contracts. Royal Charters were at one time the only means of incorporating a body, but there are now other means (becoming a registered company, for example), so the grant of new Charters is comparatively rare. New grants of Royal Charters are these days reserved for eminent professional bodies or charities which have a solid record of achievement and are financially sound. In the case of professional bodies they should represent a field of activity which is unique and not covered by other professional bodies. At least 75% of the corporate members should be qualified to first degree level standard. Finally, both in the case of charities and professional bodies, incorporation by Charter should be in the public interest.
On the 28th June 2019, the Company celebrated 40 years as a Livery Company with a splendid event in Guildhall.