Coverholders provide required information to managing agents through the annual compliance process.
It is the coverholder’s responsibility to ensure the annual compliance has been completed on Atlas. The coverholder can do this one of two ways:
- By direct upload to Atlas: They will name a Lloyd’s broker who will review the information and confirm that Atlas can be updated. This is the preferred method by Lloyd’s.
- By instructing 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 to Atlas.
There are nine sections of the annual compliance: Stakeholders; coverholder contact information; ownership; key staff; professional indemnity ; licences; financials; bank accounts; reputation and standing. Coverholders only have to complete one return regardless of how many binding authority agreements they have registered at Lloyd's.
The coverholder will receive an alert within Atlas (via the tasks tab) notifying them that the annual compliance return is due. Atlas also generates a diary note to the Lloyd’s broker advising that the coverholders annual compliance return is due.
Periodic checks are made by Lloyd’s to ensure the coverholder’s annual compliance returns have been updated. Managing agents use the annual compliance to confirm if the coverholder is suitable to underwrite on their behalf.
Points to consider
- Coverholders have an on-going obligation to inform Lloyd’s of all material changes to the information provided. This must be done through Atlas. Find out how to change a coverholder's details.
- 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.
- 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.
- 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.
- Coverholders whose annual compliance information is out of date on Atlas may be stopped from entering into new binding authorities until it is updated.
Access to Atlas for coverholders is available on request from the Delegated Authorities Team.
Apply for access to Atlas
Y3952 - Compliance questionnaire for Lloyd's approved coverholders
Updated Annual Compliance Questionnaire 2012