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Why Lloyd’s Multinational?

Benefits of Lloyd’s

Single Contract

In most of the 80 territories where Lloyd's has insurance licences, Lloyd’s underwriters will be able to provide the multinational cover in a single insurance contract. Lloyd’s is committed to using the Market Reform Contract (MRC) standard for all open market placements. However, some jurisdictions (where Lloyd's is licenced) require the issuance of local policies and we have arrangements in place to facilitate that. E.g. Canada, China & Japan.

Tax

Lloyd’s supports the market by performing some of the required tax compliance services, including filing certain tax returns and facilitating payment of premium taxes to local tax authorities. As most insurance policies can be managed centrally at Lloyd’s (specific local insurance policies are not usually required) premium tax and similar taxes are managed (in most cases) by the Lloyd’s Tax team on behalf of market participants.

Premium payment

Our Central Settlement services, means that in most cases, we can collect the premium direct from brokers and, via our processing partner, Xchanging, we will arrange for it to be paid to the syndicates providing insurance.

Claims

In the majority of countries where Lloyd’s is licenced claims payments can be made to claimants in either London or where the claim occurred. We will in most cases be able to arrange for the collection of funds from the participating syndicates and have the money deposited with brokers. Loss adjusters may need to be locally licenced or authorised.

Support available to underwriters and brokers

You will benefit from the central services we offer to support your placement; 

  • Crystal – our market leading compliance tool which provides detailed regulatory information on Lloyd’s trading rights for each jurisdiction.
  • Risk Locator Tool – this will help you to identify which territories (countries, states and provinces) should be considered to ensure regulatory and tax compliance.
  • Stamp Decision Tool – provides guidance on which stamp underwriters should use when placing or binding business, i.e. Lloyd’s syndicate stamp or Lloyd’s Europe stamp.
Find out more about our regulatory tools and compliance guidance

Download an overview of the benefits

An overview of the benefits of using Lloyd’s for multinational business.

Download the overview