During our recent engagement meeting with managing agents we received feedback that the current process for registering service company agreements on DCOM can be difficult and time consuming. While it is important that we have up-to-date details of service company agreements, having considered that feedback we agree that DCOM does not need all the information for service company agreements that is needed for other binding authority agreements.
Accordingly, we have revisited the underlying business process including the mandatory information we need, and as a result we are pleased to announce that as of today we can remove virtually all the mandatory registration requirements for service company agreements.
Previously all information relating to the LMA3134 Service Company binder were added to DCOM. In addition, this registration also makes the UMR selectable as a capacity provider for sub-binders e.g. LMA3113.
Going forward, although Service Company arrangements will still be required to be entered onto DCOM, we will only ask for minimal data to be added to complete this registration. This will ensure you are still able to select the Service Company as a capacity provider on sub-binders.
To process your Service Company binders on DCOM please create the service company binder LMA3134 but you only need to enter minimal information:
• Period From
• Period to
• The Service Company & address
• Capacity details (e.g. line, syndicate)
• Agreement type
• User Groups
• High Level COB
• Insured Domicile
• Gross Premium Income Limit (Currency & Value)
Following completion of the above data fields please raise a Market Support Centre ticket where Lloyd’s Delegated Authorities team will override outstanding validations and complete the DCOM registration. Going forward we will look to amend DCOM to allow for a simplified approach without the need for a support request however the above process should be followed until any system changes are made. If you have any further questions please email us at email@example.com.