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Lloyd's Coverholder Auditors' Conference May 2014
On Tuesday, 19 November 2013, Lloyd’s Delegated Authorities team held a market meeting on Consumer Product Binding Authorities and restricted coverholders.
Lloyd's is keen to promote both high standards and consistency in the audit of its coverholders, and has recently released the Coverholder Audit Scope Questions and Guidance V2.
The Code of Practice for Delegated Underwriting sets out the obligations of a managing agent when entering into a binding authority and provides background as to the Lloyd's approval process.
This section has been designed for coverholders, service companies, open market correspondents and those that work with Delegated Authority business.
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
Because of remapping by Class of Business for a number of classes as listed below, an issue is being caused on BAR when the broker is registering or renewing a binder for 01/06 on with one of the classes listed below and are getting an error message to say that class doesn’t exist. We should have this resolved by the end of the week and Lloyd's.com will be updated accordingly to notify you once this has been resolved.
To assist in producing complete applications that are fully compliant the following tools are available:
Changing coverholder details
Financial strength & ratings
Cover to Cover
Code of Practice
Reporting Standards User Guide
Service Company Code of Practice
Service Company Undertaking
The video of the managing agents and brokers Town Hall event, held at Lloyd’s on 1 May 2015 can be viewed below. This outlines all data requirements...
You may be aware that work is currently being undertaken to upgrade the Atlas system.
07 Feb 2014
30 Jan 2014
08 Nov 2013
Completed Atlas Enhancements 2011
BAR Offline for New Release
Atlas Enhancements October 2011
Coverholder Audit Conference Webinar and Slides
German Binding Authority Wordings
Managing Agent Directory
Delegated Authorities Team General enquiries: +44 (0)20 7327 6275Systems help: +44 (0)20 7327 6276
Fax: +44 (0)20 7327 6688Email: firstname.lastname@example.org
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