Requirements of the Council
This contains the primary rules made by the Council of Lloyd’s regarding delegation of underwriting authority.
It sets out whom Managing Agents may delegate their authority to in order to enter into contracts of insurance or documents evidencing contracts of insurance.
It also provides the main rules relating to the approval of Coverholders and the registration of binding authorities, as well as important risk management requirements relating to Coverholders. It also contains Lloyd's rules regarding Lloyd's Brokers.
Since 2012, it also provides the rules regarding the appointment of third party administrators (TPAs) that handle claims under binding authorities.
More detailed requirements made under the byelaw are set out in the Underwriting Requirements. These include the specific criteria for the approval of Coverholders and requirements relating to the content of binding authorities and TPA agreements.
This contains the legal definitions of certain key terms and expressions used in Lloyd's byelaws including Intermediaries Byelaw.