Lloyd’s new annual compliance process for coverholders
From January 2018, Lloyd’s adopted a new risk based annual process for coverholder compliance.
This new process should decrease duplicative requests for core compliance information from Coverholders and reduce pressure for requests during the renewal of binding authority contracts.
How does the new process work:
The Lloyd’s coverholder compliance team will centrally collate the coverholers’ core entity level compliance information and ensure that this information is updated on ATLAS. For Canadian coverholders, Lloyd’s will collect and review copies of the following policies:
- Errors & Omissions (Professional Indemnity) Policy
- Company Financials
- Business Continuity plan
- Financial Crime procedures
- IT Security Policy
- Complaints Procedure
- Treating Customers Fairly Policy (where the coverholder is writing consumer business)
- An example of a declaration page provided to policyholders
In order to obtain this information, Lloyd’s will liaise with coverholders each year to verify the information on ATLAS is up to date. Any document or information that has been updated can either be uploaded directly on to ATLAS, or if the coverholder prefers, can be sent to Lloyd’s coverholder compliance team who will be happy to upload the document for them
What does this mean for Coverholders?
All parties who have a relationship with a coverholder will be able, as currently, to access the coverholders compliance information on ATLAS. This means that managing agents do not need to separately request and collect the core information obtained by Lloyd’s as that information will be available on ATLAS. This should also mean that coverholders do not need to respond to duplicative (and possibly inconsistent) requests for core compliance information.
We look forward to working with our Canadian coverholders further to enhance your coverholder experience. If you have any queries please contact email@example.com