This section contains details of a coverholder's status.
Conditions of a Coverholder's approval can be seen on ATLAS on the ‘status’ tab of the details section and on the Binding Authority Registration (BAR) website under Coverholder details. Selecting Status from the left hand menu of the Coverholder details brings up the screen detailing the status of the Coverholder. The different statuses are listed below:
Application Pending - All on-going applications, which have not been submitted to Lloyd's, fall into this category.
Application Under Review - A pending application will either be submitted to Lloyd's and become an Application Under Review or
Application Not Taken Up - If failing to get a sponsoring Managing Agent an application will become an NTU.
Approved Coverholder - Once an application has been approved by Lloyd's the status will be Approved Coverholder.
Application Rejected - If an application is rejected by Lloyd's the status will be Application Rejected.
Postponed De-registration - The Coverholder is still an Approved Coverholder but is blocked from entering into any new Binding Authorities. Please see market bulletin Y4765 for associations of this status with the lapsing project.
Deregistered - Lloyd's will deregister the approval of Coverholders who are not contributing to the market or companies who have failed to prove their on-going suitability to be a Coverholder. Their data will remain on ATLAS and can be recovered for future applications however a new PIN will normally need to be created if the entity wishes to re-establish itself. A deregistered Coverholder cannot hold Binding Authorities.
There are no actions available here only a confirmation of the PIN and status. For queries about a Coverholders status please email email@example.com
Q: The Coverholder is currently sitting in Postponed De-registration as it hasn't had a binder for a period of 6 months, will this entity be automatically deregistered?
A: For more information around the Coverholder lapsing project please click here.