Advance consents reduce the administrative burden on managing agents. Instead of managing agents having to apply to Lloyd’s for certain permissions, Lloyd’s gives “advance consent” provided the managing agent meets specific conditions.
For a full description of the Advanced Consent Regime and for the conditions that apply please refer to the August 2003 bulletin, advance consent regimeDownload
Market Bulletin Y4126
In order to ease further the burden on managing agents of syndicates with fully-aligned capital, Market Bulletin Y4126 was issued on 22 February 2008 and in certain cases there is now no longer a requirement to inform Lloyd’s about the steps to be taken.Download
All other requirements of the Advance Consent Regime continue to apply to aligned syndicates. In the case of syndicates which are not fully aligned, the Advance Consent Regime is unchanged by Market Bulletin Y4126 and it will continue to remain in force as set out in Market Bulletin Y3116.