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Lloyd’s occupies sites in both London and Chatham.
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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.
A managing agents / brokers Townhall event was held at Lloyd’s on 1 September 2015
Download slides from the presentation
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
We are approaching the peak renewal season and experience tells us that this will be a busy time for new coverholder approvals. Although the Delegated Authorities Team will try to provide a decision on complete applications, high volumes may slow this down.
We therefore request that any application which requires a decision before the end of the year must be submitted by Friday 30th October.
For any coverholders that wish to underwrite business from 1st January 2016, we would ask you to make that clear in the letter of support or decision paper, and ensure the submission is fully compliant. Please remember that only complete applications with all the required supporting information attached, will be able to be processed by year end. Any incomplete applications will be returned and not included within the deadline date.
Applications can still be submitted after this deadline, we just cannot guarantee they will be approved prior to 1/1.
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 Lloyd’s delegated authorities team is driving an initiative to coordinate the audits of those Lloyd’s coverholders that have multiple binders...
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: email@example.com
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