Reporting Standards
Coverholders, also known as MGAs, have to report on risks, premiums and claims transacted under their binding authority contracts to Lloyd’s syndicates.
Usually the coverholder sends a monthly spreadsheet bordereaux to the broker in London, but some coverholders now send information using XML.
Lloyd’s wants to make the process clearer for coverholders so we have introduced Lloyd’s Coverholder Reporting Standards.
The standards are the premium standard (for reporting core risk information and paid premium transactions), the claims standard and ACORD’s ER3001(for reporting US property risk exposures).
