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.