Open Market Correspondents (OMC)
From 1st June, 2009, only Spanish exclusive insurance agent (“agentes de seguros exclusivos” ) which are tied to a Managing Agent through a TOBA and an agency agreement are subject to the OMC approval process.
The OMCs must be aware of all the regulations for placing insurance with Lloyd’s and must undertake to comply with all legal and fiscal obligations.
Lloyd’s Iberia, as the Lloyd’s Representative office in Spain, will take care of the duty to register the exclusive agents with the Spanish Regulator’s Register of Insurance Intermediaries.
Process for approving a new OMC
- Download the application form.
- Sponsoring Managing Agent 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 managing Agent directly.
- Lloyd's General Representative will notify the sponsoring Managing Agent and OMC once an application has been successful
Please click on the links below for the 'Application form to become a Lloyd's approved OMC.
INSERT APPLICATION HERE
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
· Compliance of certain specific requirements for “underwriting agencies” in Spain.
· Applicants financials
· Authority to operate in specified territories
