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 Netherlands, who wishes to place non-marine or marine business with Lloyd's underwriters, do 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
Process for registering/approving a new OMC
• Download the application form.
• Sponsoring Lloyd's broker and applicant to complete the application form, sign and return to the General Representative.
• Where necessary a General Representative may require further details and will contact the applicant (OMC) and/or the Lloyd's broker directly.
• Lloyd's General Representative will notify the sponsoring Lloyd's broker and OMC once an application has been successful
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 coverholder 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
Coverholder directory
Access the directory of Coverholders
This directory includes information on all approved and restricted coverholder directory.
See www.lloyds.com/crystal for more details.
