These licences offer us broad access to major insurance and reinsurance markets worldwide. See www.lloyds.com/crystal for more details.

Lloyd's underwriters do not generally deal directly with policyholders. Instead, business is accepted by Lloyd's underwriters through the following entities:

Lloyd's brokers: insurance business is generally brought to Lloyd's by Lloyd's brokers who are insurance broking firms accredited by Lloyd's to broke insurance business at Lloyd's.

Non-Lloyd’s brokers: insurance business also may be placed at Lloyd’s directly by non-Lloyd’s brokers. It is for the managing agent to check that the non-Lloyd’s broker meets the minimum standards. Also, a TOBA must be entered into. Non-Lloyd’s brokers may also place business at Lloyd’s through Lloyd’s brokers.

Tied Insurance Agents (“Agentes de seguros vinculados” in Spanish): Spanish tied insurance agents, duly licensed by the Spanish Supervisor (the DGSFP), may enter into agency agreements with Lloyd’s managing agents. It is for the managing agent to check that the Spanish tied insurance agent meets the minimum standards. Also, a TOBA must be entered into.

Coverholders or Underwriting Agencies: Lloyd's underwriters may delegate their authority to enter into contracts of insurance to 'coverholders' or 'underwriting agencies'. In such circumstances the general principle is that the coverholder acts as agent of the Lloyd's underwriters (rather than as agent of the policyholder). Please be advised that the coverholders regulation in Spain is different from other European countries. For additional information, please contact Lloyd’s Iberia

Open Market Correspondents (OMC): in Spain, an OMC is an exclusive insurance agent (“agente de seguros exclusivo”, in Spanish) working directly with one or several Lloyd’s managing agents (the sponsor). It is for the managing agent to check that the Spanish exclusive insurance agent meets the minimum standards. Also, a TOBA must be entered into. Lloyd’s Iberia will apply for registration of the exclusive insurance agent with the Spanish Administrative Register of Insurance intermediaries.

Please contact Lloyd’s Iberia for additional information about how to access to Lloyd’s.

Useful links:

How to place risk at Lloyd’s 

Find a coverholder in Spain 

Crystal

Get quick and easy access to regulatory and taxation requirements in Spain with the Crystal tool. This information is intended for use by Lloyd's market professionals only.

Link to the D.G.S. website 

Link to UNESPA website 

Link to the Consorcio de Compensación de Seguros website