Open Market Correspondents (OMC)
An OMC is an insurance intermediary that introduces business to a Lloyd's broker or to a syndicate for placement at Lloyd's on an open market basis.
When does an overseas broker need to be registered as an Open Market Correspondent?
An intermediary, located in Germany, who wishes to place business with Lloyd's Underwriters, on an open market basis, must be registered by Lloyd's as an Open Market Correspondent if dealing directly with a Lloyd’s broker or a syndicate.
If an intermediary located in Germany proposes to place business with Lloyd’s Underwriters, but is not dealing directly with a Lloyd’s broker, it is recommended that they contact the Lloyd’s Representative’s office.
Lloyd’s Brokers or Lloyd’s managing agents should note that they should provide the Lloyd’s general representative with the name and the address of the local intermediary and line(s) of business to be produced. This requirement extends to providing this information in respect of all intermediaries included in the producer chain.
Link to OMC’s in Germany
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 Department 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
Intermediaries, whether Open Market Correspondents or Coverholders, must be aware of all the regulations for placing insurance with Lloyd’s and must undertake to comply with all legal and fiscal obligations.
Alle Firmen, die zugelassener Coverholder werden möchten, müssen den Antrags- und Zulassungsprozess durchlaufen.
Jeder Antragssteller benötigt einen sog. „sponsoring“ Lloyd’s Broker und Managing Agent, die den Antrag mit angemessener Sorgfaltspflicht prüfen, bevor dieser beim Lloyd's Coverholder Department zur Überprüfung eingereicht wird.
Bei der Prüfung eines Antrags wird Lloyd's sein Augenmerk insbesondere auf die folgenden Bereiche legen:
• Eignung und Erfahrung von Einzelpersonen
• Finanzielle Lage des Antragstellers
• Vollmacht zur Geschäftstätigkeit in bestimmten Territorien
