Market guidance and requirements for Delegated Authority
Annual Compliance
Coverholders provide required information to Managing Agents through the annual compliance process.
Audit
Lloyd's is keen to promote both high standards and consistency in the audit of its coverholders.
Binding Authority Wordings
A binding authority is an agreement between a managing agent and a coverholder.
Code of Practice
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.
Complaints
It is Lloyd's policy that all complaints should be handled quickly, fairly and in accordance with the requirements of the Financial Conduct Authority. View Lloyd's complaints handling arrangements.
Complaints Handling
Requirements for Managing Agents and their representatives for the handling of policyholder complaints.
Conduct Risk
Conduct risk has become an increasingly important topic in the insurance industry recently and is of particular importance where authority is delegated to a third party.
Consortium
A contractual arrangement under which one or more Managing Agents delegate authority to another Managing Agent to enter into contracts of insurance on their behalf.
Continuous contracts
Lloyd’s permitting continuous binding authority contracts is a key component to a long-term shift in placing binding authority contracts through our platform.
Financial Crime and Sanctions
The following information provides guidance in relation to financial crime and Lloyd’s expectations of Coverholders in fulfilling their obligations.
Intermediaries Byelaw
This contains the primary rules made by the Council of Lloyd’s regarding delegation of underwriting authority.
Lapsing & Deregistering Coverholders
The process in which Coverholders are assessed in relation to their active binders on a bi-yearly basis.
Line Slips
An agreement by which a Managing Agent delegates its authority to enter into contracts of insurance to be underwritten by the members of a syndicate managed by it to another Managing Agent or authorised insurance company in respect of business introduced by a Lloyd’s Broker named in the agreement.
Lloyd's Brand
To ensure the Lloyd’s brand is used correctly we have produced a set of brand guidelines for approved Coverholders.
Market Oversight
Lloyd’s Oversight Framework creates an efficient and joined-up approach to provide the conditions for the best businesses to thrive and drive decisive interventions for underperforming businesses.
Premium and Claims Handling
Information around the handling of premiums and the fair handling of claims for Coverholder business.
Reporting Standards
Coverholders, also known as MGAs, have to report on risks, premiums and claims transacted under their binding authority contracts to Lloyd’s syndicates. This page includes various tools to assist with this reporting.
Third Party Material Issues
Managing agents are required to notify Lloyd’s of any issue that arises in relation to a managing agent’s delegation of underwriting or claims handling authority to a third party.