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Lapsing and Coverholder Deregistration

The process in which Coverholders are assessed in relation to their active binders on a quarterly basis.

Delegated Authrorities

View all 'Delegated Authrorities'

Lloyd’s deregister Coverholder pins that have not had an active binder within the last 18 months, thereby enhancing the accuracy of information maintained on ATLAS for both the Market and Lloyd’s.

Criteria for Lapsing: A Coverholder pin will be lapsed if there has been no active binding authority agreement(s) placed within the last 18 months.

Exceptions:

  • Service companies
  • Open Market Correspondents (OMCs)
  • Delegated Claims Administrators (DCAs)
  • Requests from Country Representatives

Data Source: The data utilised to assess the duration elapsed without a live binder is sourced from DCOM, emphasising the necessity for all Binding Authorities to be registered accurately.

Request for Reinstatement

Should a Coverholder seek reinstatement, this will be evaluated on a case-by-case basis. 

Reapplication for Approved Coverholder Status:

If the Coverholder has been deregistered, they may need to re-apply to be a Lloyd’s Coverholder through Managing Agent sponsorship. 

For further guidance on the application process

Ad hoc requests for deregistration

If a Coverholder PIN is no longer active and requires deregistration, please contact us at delegatedauthorities@lloyds.com. If the request is not submitted directly by the Coverholder, written confirmation from the Coverholder authorising the deregistration must be provided.

Prior to initiating the deregistration process, please ensure that there are no active binders associated with the PIN. If active binders remain, the following options are available:

  • Await the natural expiry of the binder and contact us thereafter.
  • Endorse the binder to remove the PIN in question and notify us once this has been removed.
  • Request that the PIN be placed into Postponed Deregistration, whereby existing binders may continue, but no new binders can be registered.

For further information, please contact us.

delegatedauthorities@lloyds.com