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Class of business

Delegated Authrorities

View all 'Delegated Authrorities'

If an approved coverholder wishes to extend the business they want to write, a class of business task must be made via ATLAS. The lead managing agent must sponsor this request.

The managing agent sponsoring a new class of business task and delegating their authority, is responsible for the activities carried out by that third party.  A managing agent sponsoring this type of task must ensure they have carried out the necessary due diligence and have full oversight of the third party, prior to submitting the task.

The business must also be agreed within the syndicate’s business plan prior to submitting the task on ATLAS.

The principles for doing business at Lloyd’s, are at the heart of our Oversight Framework and set out the fundamental responsibilities expected of all managing agents to support the markets’ overall performance. Where we have concern in the oversight of a coverholder arrangement, Lloyd’s reserves the right to request evidence of the managing agents’ oversight.

Class of business tasks being sponsored by a Managing Agent not meeting their expected maturity ratings

If the sponsoring managing agent is not meeting the relevant expectations under the Principles for Doing Business and the business will include consumer products, a referral to the Customer Oversight Team is still required. The sponsoring managing agent must provide a completed CPBQ or their own questionnaire via coverholders@lloyds.com. Unless you have been informed by Lloyd’s that you are exempt from this requirement.

Failure to include this information will result in the task being returned and this may also impact the managing agents Principles for Doing Business rating.

Once approved by Lloyd's, the class of business will appear in the Coverholder's details tab and pending an overnight synchronisation, it will be selectable on DCOM for binding authorities incepting from the date the class was approved. If the binder has already incepted and this class is being endorsed to the binder, this might require the class of business extension to be backdated to the inception date of the binder. Please notify coverholders@lloyds.com if this is the case.

The new class will be immediately viewable under the details tab on ATLAS once approved.

Lloyd’s expects all binding authority arrangements to be registered via DCOM.