New Branch Applications
The branch application process is used where the applicant has another office of the same legal entity which has already received approval as a Lloyd's Coverholder.
A branch application can only be submitted where the legal entity is identical to an existing approved Coverholder. This does not include subsidiary companies and or sister companies within the same group.
If the application is for an entity in the same group but with a different legal name, a full application must be submitted.
The sponsoring Broker or direct-dealing Managing Agent must start the branch application on ATLAS. A branch is able to be created by searching for the existing approved legal entity within company search function on ATLAS. Once the head office has been identified from the search either the sponsoring Broker or direct-dealing Managing Agent must click 'select' under actions and select 'new Coverholder branch'. This will generate a unique Coverholder PIN. e.g. (111000ABC) and enable the ATLAS application to be populated.
The Coverholder will need access to the branch application in order complete and to sign off that the information is valid. For a Coverholder to get access to ATLAS a Broker or Managing Agent will need to have started a branch application on ATLAS. The Coverholder can then fill out the ATLAS user application form which can be found here. Confirmation and instructions will be sent to users once access has been granted.
Once a branch has been approved the bulk change function will be enabled which allows the professional indemnity, financials and assertion of licences of an organisation to be updated across multiple Coverholder records in one task. For more information please click here.
The branch application process is a three stage change task on ALTAS.
Lloyd's Broker - Coverholder - Lloyd's Broker - Managing Agent - Lloyd's:
New applications require input from both the applicant company and the Lloyd's Broker at the initial stage. With this in mind both parties can log on and edit the information held there. Once the Lloyd's Broker has decided the application is complete they will complete the sponsor's sign off and submit for approval. The status of the task changes to with the Coverholder and the Coverholder will need to log in, complete the Coverholder sign off and approve the application. The application moves to the Lloyd's Broker who then submits the application to the Managing Agent to complete due diligence before they in turn submit to Lloyd's. The Managing Agent must submit a completed decision paper with the application.
Managing Agent - Coverholder - Managing Agent - Lloyd's:
In the case the Managing Agent will act as the Lloyd’s Broker. New applications require input from both the applicant company and the Managing Agent at the initial stage before following the same chain listed above. As before, the Managing Agent must submit a completed decision paper with the application.
Lloyd's service standards: (working days from date of submission to Lloyd's)
- Branch Application (where this is completely new business and in a different location to the already approved office) : 20 Days.
- Branch Application (where this is existing business and location, but not all same systems/controls/PI etc.) : 5 Days.
- Branch Registration (where this is a true Branch and exactly the same as the already approved office) : 24 Hours.
- Lloyd's Brussels applications may take longer than the timescales listed above
- Lloyd's Brussels applications submitted without the appropriate local licences can only be approved in principal until such licences are obtained
Each application requires a completed and signed Decision Paper to be submitted to Lloyd's alongside the ATLAS application. The Decision Paper should be completed by the sponsoring Managing Agent, with the guidance notes removed and the Managing Agent's assessment put in its place covering each section.
This memo is specifically designed for the market to explain the new branch registration process. The aim of the registration process is to remove duplication from the market and make it easier for our Coverholder’s to do business with Lloyd’s.
New branch applications which are domiciled in Canada will need to complete and upload the form below to the coverholder application in ATLAS. For a new branch domiciled outside of Canada but requesting a regional extension to Canada then the Canadian compliance questionnaire for a regional extension needs to be provided.
Once approved as a Lloyd's Coverholder each entity will receive a letter of notification and be provided with a copy of the Delegated Authorities welcome pack. This outlines information around regulation and Lloyd's licenses, Coverholder information, global trading tools, financial crime standards and the use of the Lloyd's brand as an example. More detail is able to be found in the Welcome Pack below.
Q: I am trying to get access to my PIN number on ATLAS but my Lloyd's broker is telling me that I need to register with a Lloyd's.com account so Lloyd's is able to grant me access to my coverholder record.
A: If you don't have a Lloyd's account and password then you will be required to register using the following link. With this in mind the applicant must request access to ATLAS themselves. The broker or managing agent who begins the application must provide the applicant coverholder with their unique PIN before they can be granted access to ATLAS.
Q: Am I able to submit my application to Lloyd's as a paper copy?
A: All applications must be submitted via Atlas; we no longer accept paper copies.
Q: All the tabs on the application have been completed and the sponsoring Lloyd's broker has done the initial sign-off of the application and it is now with the coverholder. However the coverholder is looking to amend the information or add further documents to the application but ATLAS isn't enabling this function.
A: Once the application has been initially signed off this will lock out the function to amend the record in any way other than to add supporting comments. If you wish any of this information to be amended or documentation to be added then the application will need to be returned back to the original source on ATLAS.