Open Market Correspondents (OMC)
An OMC is an insurance intermediary who introduces business to a Lloyd's broker for placement in the Lloyd's market on an open market basis.
South African or non-domicile intermediaries need to be registered/approved as an Open Market Correspondent if they wish to place non-marine, marine or reinsurance business through Lloyd's Underwriters in South Africa. They must place business with Lloyd's in accordance with all applicable local requirements, they must be fully aware of all the regulations and applicable taxes for placing such insurance business, and must undertake to comply with all legal and fiscal obligations per the OMC Undertaking.
Process for registering/approving a new OMC
- Obtain the sponsorship of the Lloyd's broker
- Download the application form and Undertaking
- Sponsoring Lloyd's broker and applicant to complete the application form, sign and return to the General Representative.
- Where necessary a General Representative may require further details and will contact the applicant (OMC) and/or the Lloyd's broker directly.
- Lloyd's General Representative will notify the sponsoring Lloyd's broker and OMC once an application has been successful
Becoming a Coverholder
All firms wishing to become an approved coverholder must complete the application process.
Each applicant requires a sponsoring Lloyd's broker and managing agent, who perform their own due diligence of the application before it is submitted to Lloyd's coverholder department for review.
In reviewing an application Lloyd's will pay particular attention to the following areas:
- Suitability and experience of individuals
- Applicants financials
- Authority to operate in specified territories
Access the directory of Coverholders.
This directory includes information on all approved and restricted coverholder directory.
See www.lloyds.com/crystal for more details.