Service companies Code of Practice
The purpose of the code is to provide all necessary information governing Lloyd's expectations for the approval, ongoing management and reporting of service companies in one place.
Purpose
- To inform managing agents of the steps that Lloyd’s is taking to ensure that authorities delegated to service companies are appropriately managed.
- To highlight the key risks associated with service companies and how those risks need to be mitigated/managed against Lloyd’s minimum standards.
- To inform the market of Lloyd’s intention to create a source of information, tools and support regarding service company activity within lloyds.com to encourage more consistency in processes and good standards in general.
- To confirm roles and responsibilities within Lloyd’s for the oversight of service companies.
- To provide managing agents with detailed guidance to encourage a consistent and appropriate standard of management of service companies covering their creation, ongoing management and (if necessary) their closure.
- To confirm the specific Brand guidelines for service companies
Service companies Code of Practice (176KB, pdf)
Service companies Code of Practice
Please see the following market bulletin for important information relating to the Service companies Code of Practice::
Y4311 Service companies Code of Practice (45KB, pdf)
