Delegated Authrorities
View all 'Delegated Authrorities'The Code provides an introduction to delegated underwriting in the Lloyd’s market and sets out Lloyd’s expectations of managing agents when delegating underwriting authority to a coverholder (under a binding authority agreement) or another managing agent (under a line slip or consortium arrangement).
This Code is made pursuant to Paragraph 31 of the Underwriting Byelaw.
This latest Code applies with effect from September 2017 and updates and replaces the version issued in March 2015.
Lloyd’s have collaborated with the LMA to produce a template that can be utilized by the market, where confirmation that a specific binding authority is in place, is required. This template is referred to as a ‘Letter of authority’.
The template is available for all managing agents however it is appreciated that some managing agents may already have their own template which can still be utilized. To drive consistency within the market, the letter of authority template can be found below.
For Lloyd’s Europe, there is a separate Letter of Authority template which can be found below.
Download Code of Practice