Regulatory requirements

An overview of the regulatory requirements that coverholders are expected to adhere to and introduces the tools that Lloyd’s provides to help coverholders meet relevant regulatory requirements.

Lloyd's is licensed to underwrite business in certain countries and territories subject to the laws and regulations of those territories.

As licences are granted to Lloyd’s as a single trading entity, failure by any one market participant to adhere to the terms of Lloyd’s licensing status in each country or territory has the potential to affect Lloyd’s trading status for all market participants and ultimately impact the Lloyd's brand and reputation.

In addition, breaching international regulations and fiscal requirements can potentially result in fines or other consequences for those involved.

For this reason, it is essential that market participants including coverholders are aware of the rules and regulations that must be met for each country.

To help meet these requirements and support the writing of international business, Lloyd’s provides a number of tools including Crystal, the Risk Locator and the Interactive Map.

  • What is Crystal?

    Crystal is a database specific to the Lloyd’s market providing:

    • Quick and easy access to Lloyd’s regulatory and taxation information
    • Key information to support the writing of international business
    • Multiple country and category tailored searches
    • Regular updates on regulatory and fiscal requirements
    • An interactive map that provides high level summary of Lloyd’s trading status worldwide
  • What information does Crystal contain?

    Crystal contains comprehensive information for each of the territories in which Lloyd’s is licensed including:

    • Lloyd’s licensing position
    • Details of insurance legislation
    • Requirements relating to international sanctions and trade controls
    • Global insurance tax rates
    • Territory specific requirements including insurance documentation
    • Links to bulletins, news articles and market intelligence

    Crystal also includes basic information for those territories in which Lloyd’s is not licensed.

    The information on Crystal is updated as and when changes occur to ensure that the very latest information is available to users.

  • Who can use Crystal?

    Crystal contains information which can be accessed by anyone, however much of the information within Crystal is privileged and restricted to those individuals who are registered on Crystal.

    All Lloyd’s coverholders can register to access this information.

    New coverholders are granted access to Crystal (by Lloyd's) once they have been approved as a coverholder and have access to Atlas. Additional members of staff may register for access to Crystal via www.lloyds.com/Crystal.

  • What are the benefits of using Crystal for the coverholder?

    Crystal delivers a number of benefits to coverholders:

    • It provides clear guidance on the terms of Lloyd’s licenses around the world and details how the Lloyd's market may trade in a country or territory prior to entering into an insurance contract.
    • It enables coverholders to understand the regulatory and fiscal requirements of countries with which they may not be so familiar.
    • It enables a coverholder to run tailored searches for key information to support the risks that they are writing in the Lloyd's market.
    • It keeps coverholders up to date with changes in international legislation, sanctions and taxation rates that may impact the contracts they enter into on behalf of a managing agent.
  • Getting the most from Crystal

    There are two on-line training packages to help users:

    (a) Crystal demo

    The interactive Crystal demo provides guidance on navigating and using the Crystal tool, highlighting key features for the benefit of users

    Access the Crystal demo at www.lloyds.com/Crystaldemo

    (b) Crystal Assist

    Crystal Assist is an online tutorial. 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.

    The tutorial includes a knowledge test that takes 15 minutes to complete and is accreditated by the Chartered Insurance Institute(20 CPD points).

    Access Crystal Assist at www.lloyds.com/Crystalassist

  • What other tools can help coverholders?

    Risk Locator

    The Risk Locator helps to:

    • Identify the legal location of an insured risk by class of business.
    • Establish which territory’s regulatory and fiscal requirements to consider.
    • Guidance on the legal position by different jurisdiction is available in Crystal.

    Access Risk Locator at www.lloyds.com/risklocator



    Interactive Map

    The Interactive Map provides quick access to

    • Lloyd’s trading position worldwide.
    • Lloyd’s representative information and contact details.
    • Worldwide market intelligence.

    Access the Interactive Map at www.lloyds.com/Crystal/interactivemap



    Lloyd’s Regulatory Communications

    Crystal registered users receive a regulatory newsletter keeping readers abreast of key regulatory developments across the world.

    In addition, a “What’s new” report provides details of recent changes to international regulatory and fiscal requirements.

    Access the “What’s new” report at www.lloyds.com/whatsnew

    Access Lloyd’s Regulatory Communications at www.lloyds.com/regulatorycommunications

  • Who can coverholders contact for further advice?

    The primary point of contact for advice and information on Lloyd’s trading status worldwide is Lloyd’s International Trading Advice (LITA)

    For quick and easy access to Lloyd’s international regulatory and taxation information visit www.lloyds.com/Crystal

    Lloyd’s International Trading Advice (LITA) has a Lloyd’s desk in the Underwriting Room which takes enquiries from the market (including coverholders):

    Lloyd’s International Trading Advice
    Lloyd’s Desk
    Ground Floor, Underwriting Room
    Lloyd’s:

    Telephone 020 7327 6677
    Email LITA@lloyds.com
    Website www.lloyds.com/Crystal


     

Download

Coverholder Toolkit | Regulatory Requirements  pdf file
Chapter 12: Understanding regulatory requirements

This chapter provides an overview of the regulatory requirements that coverholders are expected to adhere to and introduces the tools that Lloyd’s...

Related Links

Crystal - Quality Assurance Tool Crystal

Interactive map  Interactive Map

 Crystal AssistCrystal Assist

 

 Risk locator Risk Locator