The LMA has produced Multi-Year versions of the model binding authority agreements with effect from the 2016 year of account. Managing agents may enter into binding authority agreements of up to 36 months ('multi-year binding authorities') Please click here for further details. This event was also filmed, these videos are able to be viewed here.
Further to this the LMA has issued an updated version of the Service Company Underwriting Agreement("SCUA"), LMA3134 dated 7 September 2015, with the aim of providing a comprehensive model binding authority contract for a Service Company Coverholder being 100% aligned to its associated managing agent and which binds insurance only for its managed syndicates. Please click here for further details.
From 1 January 2016, Lloyd’s managing agents will require additional data in order to assess management of conduct risk.
Managing agents / brokers town hall
A managing agents / brokers Town Hall event was held at Lloyd’s on 1 May 2015. This outlined all data requirements as well as updates on claims and complaints and data standards.
Watch the presentation
The Lloyd’s delegated authorities team is driving an initiative to coordinate the audits of those Lloyd’s coverholders that have multiple binders with different lead underwriters.
This initiative, which represents a key action in our strategic objective of making it easier to do business with Lloyd’s, has been well supported by Lloyd’s managing agents and brokers.
This case study has been written by Mark Taylor of Turnstone Insurance and Reinsurance Services and details the audit of AJ Gallagher undertaken on behalf of Lloyd’s syndicates late last year.
Read the full case study