Open Market Correspondents (OMC)
An OMC is an insurance intermediary, that does not have the status of a Lloyd's approved coverholder and that introduces business to a Lloyd's broker for placement at Lloyd's on an open market basis.
Intermediaries must be aware of all the regulations for placing insurance with Lloyd’s and must undertake to comply with all legal and fiscal obligations.
When does an overseas broker need to be registered/approved as an Open Market Correspondent?
An intermediary, located in Australia, who wishes to place non-marine or marine business with Lloyd's underwriters, does not require Lloyd's approval or registration. They must place business with Lloyd's in accordance with all applicable local requirements.
Intermediaries must be aware of all the regulations for placing insurance with Lloyd’s and must undertake to comply with all legal and fiscal obligations
Becoming a Coverholder
All firms wishing to become an approved coverholder must complete the application process.
Each applicant requires a sponsoring Lloyd's broker and managing agent, who perform their own due diligence of the application before it is submitted to Lloyd’s Delegated Authorities for review.
In reviewing an application Lloyd's will pay particular attention to the following areas:
• Suitability and experience of individuals
• Applicants financials
• Authority to operate in specified territories
Australian coverholder directory
Access the directory of Australian Coverholders
This directory includes information on all approved and restricted Australian coverholders.
See www.lloyds.com/crystal for more details.
