Crystal Assist tutorial re-accredited by Chartered Insurance Institute
Crystal Assist, an online tutorial created by Lloyd’s to help market participants understand regulation and taxation in the Lloyd’s insurance market, recently renewed its Chartered Insurance Institute (“CII”) Continuing Professional Development (“CPD”) Accreditation until 15 June 2018.
Lloyd’s Crystal Assist, an online tutorial created several years ago by the Lloyd’s International Trading Advice team, provides introductory information about regulation and tax in the Lloyd’s insurance market. The tutorial focuses on key topics and concepts related to international regulation and tax considerations specific to Lloyd’s and introduces the way in which this information is captured in Crystal, Lloyd’s regulatory database.
The format includes short explorations of these topics and concepts, followed by a short knowledge test. In total the tutorial should take approximately 30 minutes to complete.
Why it’s important
It is important that Lloyd's market participants consider Lloyd's licences and regulatory and fiscal requirements when trading worldwide. Breaching international regulations and fiscal requirements can result in fines or other consequences for those involved in the placement and can ultimately impact Lloyd's brand and reputation.
Recording your CPD
As the Crystal Assist Tutorial is accredited by the CII’s CPD scheme, members of the Lloyd’s market can accrue CPD hours to maintain their CII membership in line with the scheme’s requirements by successfully completing the knowledge test. The tutorial offers a PDF certificate of completion which should be kept for your records. Please see the CII’s guidance and FAQs for full details on how to comply with the scheme’s requirements.
Accessing the tutorial
Lloyd’s market participants may also find this tutorial a useful aid to help third party service providers, such as coverholder auditors, familiarise themselves with these important topics.
In order to access Crystal Assist, you will need a lloyds.com account and access to Crystal and the Risk Locator Tool. Access to Crystal and the Risk Locator Tool is granted for Lloyd’s market participants only. If you are a third party service provider looking to access these tools, you currently must be providing services to a Lloyd’s managing agent. In these cases, the compliance officer of the managing agent must email LITA@lloyds.com with written approval for access by the third party service provider.