LITA launch online Lloyd’s Regulatory Tools Training
Lloyd’s International Trading Advice (LITA) has developed and launched a new e-learning module on the Lloyd’s Regulatory Tools (Crystal, Risk Locator Tool and Stamp Decision Tool). The online training is available to all Lloyd’s market participants on the Lloyd’s University market portal.
The Lloyd’s International Trading Advice (LITA) team is the primary point of contact for advice and information on Lloyd’s trading status worldwide, providing an international regulatory consultancy-style advice service to the Lloyd’s market. As part of its role to enhance regulatory understanding and capabilities across the Lloyd’s market, LITA provides training on Lloyd’s Regulatory Tools (Crystal, Risk Locator Tool and the Stamp Decision Tool).
Over the past two years, LITA has developed and delivered ‘Super User Training’ to compliance teams within managing agents and Lloyd’s brokers, empowering them to deliver training on Lloyd’s Regulatory Tools within their own organisations. Following the success of this initiative, LITA has now developed and launched a new online e-learning resource, available to all Lloyd’s market participants.
Identifying the correct location(s) of a risk for tax and regulatory purposes is important, as it identifies the territory/territories whose laws, regulations and tax rules apply to a (re)insurance contract. If a contract is not transacted in accordance with a territory’s laws and regulations, there may be adverse consequences.
The Lloyd’s Regulatory Tools assist the market in identifying risk location(s) and provide guidance to ensure risks are written and placed compliantly. The three tools are:
- Risk Locator Tool – provides general guidance on which territories (countries, states or provinces) should be considered for the purposes of regulatory and tax compliance when underwriting or placing a risk.
- Crystal – a database containing international regulatory and taxation requirements for over 200 territories, for both Lloyd’s underwriters and Lloyd’s Europe.
- Stamp Decision Tool – enables underwriters to determine whether a policy should be underwritten by Lloyd’s underwriters and/or Lloyd’s Europe.
The Regulatory Tools are designed to be used in conjunction with one another. The e-learning module explains the tools individually and how they should be used together. The module takes approximately 20 minutes to complete and includes practical examples, conversational and interactive Q&A style sequences and a short multiple-choice quiz.
What will the training cover?
The Lloyd’s Regulatory Tools training is designed to outline:
- The importance of identifying regulatory risk location
- What determines regulatory risk location
- How to establish regulatory risk location using the Risk Locator Tool
- How to use Crystal to identify Lloyd’s licensing and trading rights
- How to determine whether a risk should be underwritten by Lloyd’s underwriters and/or Lloyd’s Europe using the Stamp Decision Tool
What is the benefit?
Market participants can now access Lloyd’s Regulatory Tools training when convenient. It provides increased flexibility and accessibility, it’s self-paced, and it can be accessed as many times as required.
LITA will continue to provide virtual/face to face training as and when required but the online platform will provide additional accessibility for market participants.
What do I need to do next?
The e-learning module is now available to the market through the Lloyd’s University market portal. Participants can sign up to access the portal here. Once approval has been granted (which can take approximately 48 hours) participants can access the training using their log on credentials here.
Who should I contact?
For further information about the training or any questions, please contact:
Lloyd’s International Trading Advice
t: +44 (0) 20 7327 6677