Enabling participating Managing Agents to submit their regulatory & tax information straight to Lloyd’s, Direct Reporting (LDR) is an elective data submission service that bypasses the costs and resource associated with normal Bureau processing
What is it?
- Using ACORD Standard XML messages, LDR is an automated online service which automatically validates and processes received data
- Data is submitted at a transactional level as opposed to reporting information being derived from the bureau accounting process, thereby breaking the link between accounting and reporting
The LDR service was created in 2012 as part of the Lloyd’s Tax and Regulatory Reporting Programme, in direct response to a need highlighted by several managing agent’s to lower their processing and frictional costs.
- 100% business Non-Cash Service Company or Coverholder business where an insurer underwrites the whole risk, or ‘Separate’ subscription business, where an insurer underwrites part of a risk using a separate insurance document to other insurers.
Out of scope
- ‘Conventional’ subscription business - where all underwriters underwriting part of a risk use the same market reform contract for subscription
- Open Market business.
- Meets the market desire for more choices in operating model
- Releases time and resource currently producing LPANs
- Reduces direct costs of transactional processing through a service provider
If you are interested in finding out more, please contact the LDR team using the details on this page.