Switzerland: Regulatory reporting data and monthly bordereau statements

Background

Lloyd’s Swiss office in Zurich is responsible for reporting the Lloyd’s market’s Swiss business to the Swiss authorities, notably the Swiss Financial Market Supervisory Authority as well as stamp duty (insurance premium tax) to the Swiss Federal Tax Administration.

New procedures and tools for the recording and reporting of the relevant business data have recently been implemented, with the objectives of modernising and automating certain processes, eliminating the exchange of paper-based information and enhancing data quality and security.

When Lloyd’s brokers in the UK have placed Swiss business with Lloyd’s underwriters without the intervention of an accredited Lloyd’s Swiss intermediary (so-called “direct insured business”), those data have formed part of the data recorded by Lloyd’s Swiss office; the latter has issued a monthly bordereau statement to the relevant broker contact in the UK or elsewhere, summarising that information.

Bordereau statements, which include data concerning Swiss stamp duty to be debited quarterly to the Lloyd’s broker, have been sent in hard copy form. They will, with immediate effect, be accessible to named individual contacts in ‘read-only’ mode online.

Access to bordereau statements

The bordereau statements will be loaded into the Lloyd’s Secure Store tool. If authorised individuals at Lloyd’s brokers (or managing agents, as appropriate) wish to gain access to them, please ensure you have a Lloyds.com account and email LITA@lloyds.com for access. 

• If you already have an account with Lloyd’s, please email LITA@lloyds.com with your contact request.
• If you do not have an account with Lloyd’s, please register on Lloyds.com and confirm your account.  Once confirmed, please email LITA@lloyds.com with your access request.
• If you are no longer the correct contact person to receive the Lloyd’s Swiss office monthly bordereau statements, please ask the designated contact or colleague to register as above, if known.  You may also wish to refer this request to your company’s compliance officer. 

Please note that more than one contact person at a Lloyd’s broker or managing agent or syndicate service company may be granted access to the monthly bordereau statements of that broker.

The above guidance was provided by email to known contacts at Lloyd’s brokers on 1 April 2016, with a reminder on 8 April 2016.

For further information, please contact the Lloyd’s Swiss office.