The calendar year in which an insurance policy is written at Lloyd's of London. All premiums and claims from policies incepting in a specific year are allocated to that year of account, regardless of when claims are paid. Years of account run for a minimum of 36 months before being closed through a process called Reinsurance to Close (RITC), which transfers all remaining liabilities to a subsequent year of account. This accounting method allows Lloyd's syndicates to assess the profitability of each underwriting year separately and provides a mechanism for managing long-tail liabilities. The year of account system is unique to Lloyd's and differs from standard annual accounting used by traditional insurance companies.