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Annual compliance
For a company to prove their ongoing suitability to be an approved Lloyd’s coverholder, an annual compliance must be completed on Atlas. The annual compliance process allows the coverholder to confirm and update the basic information that Lloyd’s managing agents use when completing their due diligence before entering into or renewing a binding authority.
Atlas
Atlas is an online system for the storage of information about coverholders. It is structured as a collection of individual coverholder records and files.
Audit scope
The audit consists of a suitably qualified person attending the coverholder’s office and undertaking an assessment of the coverholders adherence to the terms and conditions of the binding authority as well as the suitability of the coverholder’s business systems, governance and controls over the risks.
Binding authority
An agreement between a Lloyd’s managing agent and a coverholder under which the Lloyd’s managing agent delegates its authority to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate.
Bordereau
Often a report used to present information from the coverholder to the managing agent on risks bound, premiums to be paid and claims to be collected.
Bribery Act
The UK Bribery Act came into force 1 July 2011 and provides for four offences: bribing a person, being bribed, bribery of a foreign public official and failure of a corporate entity to prevent bribery being committed on its behalf. This last offence includes failure of commercial organisations to prevent bribery undertaken by an ‘associated person’ and the only defence which exists is for a commercial organisation to demonstrate that it has “adequate procedures” in place to prevent bribery or corruption.
Code of Practice (Delegated Underwriting)
An introduction to delegating underwriting including the relevant terminology and guidance as to the standards Lloyd’s expects of managing agents.
Conflict of interest
Generally means any circumstance which may give rise (or could be perceived to give rise) to a situation which may pose a risk of damage to the interests of the managing agent or a policyholder, or which may compromise the objectivity of the coverholder’s performance of its obligations.
Contract certainty
Expectation of the UK regulator, that for Certificates – it refers to the situation where the terms of an insurance or reinsurance contract are agreed before the inception date of the contract rather than being negotiated afterwards. For the binding agreement - it provides that there shall be complete and final agreement of all terms between the parties, before the binding authority incepts.
Corporation of Lloyd's
The executive of the Council of Lloyd’s, Lloyd’s Franchise Board and their respective committees. The Corporation does not underwrite insurance or reinsurance itself but provides the licences and other facilities that enable business to be underwritten on a worldwide basis by managing agents acting on behalf of members.
Country manager
The Lloyd’s Country Manager represents and promotes Lloyd’s across 25 countries and has excellent local market relationships in the countries they are based in.
Coverholder
A company or partnership authorised by a managing agent to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate managed by it, in accordance with the terms of a binding authority.
Crystal
A database providing comprehensive information for each of the territories in which Lloyd’s is licensed and basic information for those territories where Lloyd’s is not licensed.
Crystal Assist
Crystal Assist is an online tutorial for Lloyd’s market participants. It provides an introduction to the regulatory and fiscal information held within Crystal and demonstrates how it can be used when placing/writing international insurance business.
Delegated Authorities Team
Lloyd’s department responsible for the approval and oversight of Lloyd’s coverholders.
DOPRINT
Is a web service designed by Lloyd’s that enables Lloyd’s coverholders to print insurance documentation in Italy.
Franchise
The Lloyd’s brand, worldwide trading licences, financial strength rating, mutual security and other support services that enable members to underwrite insurance and reinsurance at Lloyd’s on a global basis.
FSA - Financial Services Authority
Set up by the UK government as an independent body responsible for regulating the financial services industry within the UK.
International sanctions
Sanctions are implemented for a number of reasons, for example to bring about a change in another country’s or individual’s activities or policies; particularly if breaches of international law or human rights have occurred, or democracy is seen to be under threat.
Lineage
Lineage is an online system for reporting and transacting Canadian Dollar Binding authority business.
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