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Conduct Risk

Conduct risk has become an increasingly important topic in the insurance industry recently and is of particular importance where authority is delegated to a third party.

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Binding Authority Wordings

A binding authority is an agreement between a managing agent and a coverholder.

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Minimum Standards

The minimum standards are statements of business conduct which managing agents are expected to comply with to operate at Lloyd’s.

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Consortium

A consortium is a contractual arrangement under which one or more Managing Agents delegate authority under the terms of a binding authority agreement to another Managing Agent (the Consortium Leader) to enter into contracts of insurance on their behalf.

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Line Slips

A line slip is an agreement by which a Managing Agent delegates its authority to enter into contracts of insurance to be underwritten by the members of a syndicate managed by it to another Managing Agent or authorised insurance company in respect of business introduced by a Lloyd’s Broker named in the agreement.

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Code of Practice

The Code provides an introduction to delegated underwriting in the Lloyd’s market and sets out Lloyd’s expectations of managing agents when delegating underwriting authority to a coverholder (under a binding authority agreement) or another managing agent (under a line slip or consortium arrangement).

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Intermediaries Byelaw

This contains the primary rules made by the Council of Lloyd’s regarding delegation of underwriting authority.

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