| Service of suit |
Receipt of writs on behalf of Lloyd's underwriters - take remedial action if appropriate.
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| Regulatory reporting |
Ensure compliance with all regulatory / legal requirements in Illinois taking action when appropriate. Provide annual financial reports and other reports as necessary.
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| Regulatory relationships |
Maintain good working relationships with the Illinois Division of Insurance. Ensure that Lloyd's is responsive to any regulatory enquiries.
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| Regulatory updates |
Ensure that Lloyd's is kept informed of any possible new regulatory or fiscal changes and ensure that the Lloyd's market is informed and assist in the compliance.
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| Tax & parafiscal charges |
As appropriate ensure all premium taxes and other charges are paid promptly.
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| Complaints handling |
Receive complaints and ensure these are handled efficiently, involving the Lloyd's Complaints department as appropriate. Maintain complaints records.
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| Coverholders |
Provide advice and information to Lloyd's centrally regarding coverholder/broker applications. Monitor coverholder activities and take action if required. Contribute to the review process if requested.
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| Act in Lloyd's interests |
Ensure that the general interests of Lloyd's are served and not the particular interests of any one underwriter over another.
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| Protect Lloyd's name |
Ensure that action is taken if there is any infringement of Lloyd's name or intellectual property rights.
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| General enquiries & advice |
Deal with any enquiries on behalf of Lloyd's directing these as appropriate. Respond to media enquiries. Provide advice to the Lloyd's market as required.
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| Lloyd's market relationships |
Develop and maintain close working relationships with Lloyd's underwriters and others conducting business in Illinois.
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| Maintain bank accounts |
Maintain and report on any Lloyd's bank accounts that may be established.
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| Business development |
Assist in any Lloyd's promotional activity. Provide information as to market developments and assist in any business development strategy formulation. Identify business opportunities.
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| Report to Lloyd's |
Provide regular and ad hoc reports to Lloyd's as required. Ensure information on the Web (lloyds.com) is kept up to date and accurate. |
| Associations / Committees |
Manage, participate in and contribute to the Association of Lloyd's Brokers (ALB).
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| Coverholder reviews |
Contribute to syndicate coverholder reviews to a level commensurate with local resources and skills
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| Trust funds |
Hold all trust funds as required by trust deeds.
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| Policy wordings |
Review policy wordings to determine whether they can be placed on a licensed basis or can be placed on a surplus lines basis.
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Monitoring
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Ensure all local requirements are being adhered to including reporting to any national monitoring body.
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| Systems |
Develop and maintain systems to ensure that processing activities are run as effectively as possible. Maintain records as required to ensure compliance requirements and Lloyd's information requirements are met.
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| Business Development |
Assist underwriters and brokers in developing products. Charged on a user pays basis.
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| Local support services |
Provide underwriters and brokers with contact information for support services such as translations, audits, claims handling and financial services.
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