Become a Lloyd’s Coverholder
A Coverholder is a company or partnership authorised to enter into a contract of insurance on behalf of a Lloyd’s syndicate in accordance with the terms of a binding authority. Coverholders are Lloyd’s trusted distribution partners around the world. The strength of the partnership lies in the combination of the local business knowledge and strong relationships of the coverholder and the underwriting expertise and financial security of the Lloyd’s market.
Lloyd’s approves and regulates coverholders to ensure they uphold Lloyd’s standards. All firms wishing to become an approved coverholder must complete the application process.
To become a coverholder in Mauritius, there are a number of requirements which firms need to meet including:
- Each applicant requires a sponsoring Lloyd’s broker and/or managing agent. The sponsor will perform their own due diligence of the application before it is submitted to Lloyd’s Delegated Authorities Team for review. You can find a directory of Lloyd’s Brokers online. It makes most sense to talk to a Lloyd’s Broker who deals with the type of business you do or, contact the Lloyd’s General Representative, Mauritius for assistance.
- The Applicant must be a legal entity and obtain a licence from the Mauritius Financial Service Commission, to operate as either an Insurance Agent or an Insurance Manager under the local Insurance Act 2005.
- Where the coverholder intends to conduct solely or chiefly non-Mauritian domiciled insurance and reinsurance business, they must also apply for a Global Business (GBC) Licence with the Mauritius Financial Services Commission, who will require that the percentage of revenue derived from non-Mauritian domiciled business shall at all times exceed the Mauritius domiciled business content of the total business. All coverholders conducting Mauritius business (onshore and offshore) need to consider the provisions of Section 71 of the Financial Services Act, which relates to GB licence requirements.
For further information, contact the Lloyd’s General Representative, Mauritius or the Delegated Authorities Team coverholders@lloyds.com.