Lloyd’s is consulting on a proposed new approach to third party oversight (primarily relating to coverholders and TPAs).  We believe these changes will modernise our current arrangements, support reduced compliance costs, reflect modern distribution methods and allow us to take a more risk-based approach to oversight.

 

We are consulting on the proposed framework and on the required amendments to our byelaws and related requirements.  In due course we will publish more detailed rule updates, to be set out in a revised ‘Code of Practice – Delegated Authority’.  Those new rules will implement some of the changes we outline in the consultation.

 

To support the changes, starting in the summer, Lloyd’s will also be rolling out its new integrated, online compliance system, known as Chorus.  This will replace the current ATLAS and BAR systems.  Chorus is being delivered as part of the LM TOM programme and the programme team will work with user firms to aid adoption.

Consultation documents

‘A New Approach to Third Party Oversight’ – Consultation Document

‘A New Approach to Third Party Oversight’ – Byelaw and related Requirements changes

 

Additional material

 

Delegated Authority Town Hall Meeting – Market Presentation (22 January 2019)

Brokers - Quick Guide

Coverholders - Quick Guide 

TPAs - Quick Guide

 

Feedback

 

Your feedback is greatly appreciated.  Your views are critical in helping us assess our current approach and shape future oversight strategy as well as helping us to address areas requiring improvement.   All information will be treated in the strictest confidence and reported on an aggregated and anonymous basis, unless you specify otherwise.

 

**Please note that this consultation has now closed**

 

Further information

 

If you have any questions about our consultation or would like more information, please contact: Coverholders@lloyds.com.