This section contains details of the Coverholder's bank accounts used for insurance monies.
There are two options for bank accounts, to update or to add a new bank account. Updating the account will enable the user to edit the details of the current account such as address or account number. This button will take you straight to the bank accounts change form and will bring through the data already held for that policy.
Account details must be provided for all insurance and claims accounts for Lloyd’s Binding Authorities. Two signatories for each account must be provided.
Separate Accounts: There should be separate accounts for insurance and non-insurance monies. If the Coverholder has claims authority there should also be separate accounts for claims monies. These accounts should be listed.
New Bank Accounts: Selecting add new bank account will enable the user to add details about a new account. This button will take you straight to the bank accounts change form.
Trust accounts: Lloyd's expects insurance monies to be held in trust accounts whenever this is possible in the relevant territory. Where a trust account is not used please explain how the account is set up.
Sweep accounts: Lloyd's does not expect insurance monies to be held in sweep accounts. If a sweep account is used please provide details.
Signatories: Lloyd's would expect for there to be at least two signatories listed for each account.
Documents: Documents can be attached to support the information on this page.
This section can be updated by the Coverholder, Lloyd's registered Broker or direct-dealing Managing Agent.
The task is a zero stage change task. This means that a stakeholder is not required to authorise the change and the information is written directly to the database. The information will be immediately viewable under the details tab.
Q: What if the Coverholder is domiciled in a country which doesn't allow trust accounts to be established?
A: If a Coverholder is located in a country where trust accounts aren't recognised, confirmation will need to be provided to Lloyd's that the accounts of the Coverholder are not sweep accounts.