Delegated authority: Regional mapping
Lloyd’s Delegated Authorities is currently undergoing a remapping exercise of the specific regional territories coverholders are authorised to write in order to streamline and better control and monitor the flow of delegated authority business. This process will be completed by 15 May 2016.
Following on from the Delegated Authorities Town Hall on 12 January, it was advised that Lloyd’s is currently undergoing a remapping exercise of the specific regional territories coverholders are authorised to write in. This article provides an update on this process.
Lloyd’s Delegated Authorities has identified an area for improvement with regards to the regional permissions which are being granted to coverholders on ATLAS and subsequently selected on BAR when a binder is requested.
Lloyd’s currently codes these regions as follows:
- Europe (EEA Countries)
- US (Including Illinois and Kentucky)
- US Virgin Islands
- Other Licensed
- All Unlicensed
As part of the project Delegated Authorities have decided to recode these groupings to the following. Within each of these groups are the various territories which sit behind them (as outlined in the Regional Mapping Document). This document will be found under “post approval changes” within the applications and processes page on the new Delegated Authorities homepage on Lloyds.com (at the time of writing, the new Delegated Authorities homepage is expected to go live on 1 May 2016).
By recoding these regions and splitting specific territories out, this will enable a more streamlined approach for the market and will improve Lloyd’s monitoring of where business is emanating from.
Where a specific territory has been grouped within an overall region, such as an African (Licensed/Unlicensed) regional extension, the individual territories that fall under this region will now be able to be selected on BAR. Users will be able to do so by either selecting the individual territory or selecting all territories which fall within that region.
As per the current process, for some specific territories, Lloyd’s Delegated Authorities will be asking for more detailed information to be provided before approving the regional extension. The information we will be requesting has been collated from the Lloyd’s country managers and will be available on Lloyds.com under “post approval changes”.
With effect from 15 May 2016, Lloyd’s is looking to implement these changes across ATLAS and BAR; therefore, after this date any new binders or renewal of existing binders will need to be registered under the new regional classifications.
Lloyd’s trading rights
Please note that the ability for a coverholder to write in a specific territory is subject to licensing or regulatory status as listed on Crystal. Approval by Lloyd’s Delegated Authorities of a regional extension does not amount to an automatic right to trade in the territory or territories for which approval has been obtained. For up-to-date guidance on Lloyd’s global trading rights, always check Crystal or speak to the Lloyd’s International Trading Advice (“LITA”) team.
For further information please refer to the Delegated Authorities pages on Lloyds.com with effect from 1 May 2016.
For more information on the ATLAS, BAR, regional remapping exercise or regional extensions, please contact Lloyd’s Delegated Authorities.
For any information on Lloyd’s global trading rights or Crystal, please contact LITA.