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 license from the Mauritius Financial Service Commission, to operate as an Insurance Agent 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) License with the local regulator, Financial Services Commission Mauritius, 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.
For further information, contact the Lloyd’s General Representative, Mauritius or the Delegated Authorities Team email@example.com.