Annual Compliance for coverholders

Each managing agent who is party to a binding authority with a coverholder is expected to ensure the ongoing suitability of the coverholder to enter into insurance contracts on their behalf. The coverholder provides the required information to each managing agent through the annual compliance.

It is the coverholder’s responsibility to ensure that the annual compliance has been completed on Atlas. The coverholder can do this one of two ways:

1. The coverholder can review and update the annual compliance information in Atlas themselves. They will need to name a Lloyd’s broker who will review the information and confirm that Atlas can be updated. For more information on starting the annual compliance see the Atlas User Guide. This is the preferred method by Lloyd’s.
2. The coverholder can instruct their Lloyd’s broker to complete Atlas on their behalf. The coverholder would complete the paper version of the annual compliance questionnaire which the broker would then upload and attach to Atlas.

The form provided below is the only form that the Lloyd's Delegated Authorities Team will accept.  

Compliance questionnaire for Lloyd's coverholders (44KB, doc) 

• Points to consider

  1) Coverholders have an ongoing obligation to inform Lloyd’s of all material changes to the information provided. This must be done through Atlas. For more information see Changing a coverholder's details
  
  2) Many coverholders do business with more than one Lloyd’s broker or over multiple binding authorities, however the annual compliance needs to only be completed once a year per coverholder.
  
  3) The information entered on Atlas is only visible to managing agents and Lloyd’s brokers who have a relationship with that coverholder. Coverholders can see exactly which organisations they have a relationship with on the Relationships section of Atlas. For more information see the Atlas User Guide
  
  4) Each branch of a company which acts as a coverholder needs to be separately approved. An annual compliance must be completed for each approved branch.
  
  5) Coverholders whose annual compliance information is out of date on Atlas may be stopped from entering into new binding authorities until it is updated.
  
  6) Access to Atlas for coverholders is available on request from the Delegated Authorities Team. To apply see http://www.lloyds.com/Atlas

• Related Market Bulletin

  Please also see the attached bulletin for further information.

  Y3952 - Compliance questionnaire for Lloyd's approved coverholders (102KB, pdf)