About Coverholders
Delegated underwriting refers to an arrangement under which a Managing Agent of a syndicate delegates its authority to a company to enter into contracts of insurance on behalf of the syndicate.
Compliance & Operations
It is important that Brokers, Coverholder and Managing Agents understand the risks facing the insurance industry and to understand their obligations to mitigate those risks. This contains the primary rules made by the Council of Lloyd’s regarding delegation of underwriting authority.
Annual Compliance
Coverholders provide required information to Managing Agents through the annual compliance process.
Binding Authority Wordings
A binding authority is an agreement between a Managing Agent and a Coverholder.
Code of Practice
The code of practice sets out the obligations of a Managing Agent when entering into a binding authority.
Complaints Handling
Requirements for Managing Agents and their representatives for the handling of policyholder complaints.
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.
Consortium
A consortium is a contractual arrangement under which one or more Managing Agents delegate authority of a binding authority to another Managing Agent to enter into contracts on their behalf.
Financial Crime and Sanctions
The following information provides guidance in relation to financial crime and Lloyd’s expectations of Coverholders in fulfilling their obligations.
Lloyd's Brand
To ensure the Lloyd’s brand is used correctly we have produced a set of brand guidelines for approved Coverholders.
Minimum Standards
The minimum standards are statements of business conduct which Managing Agents are expected to comply with to operate at Lloyd’s.
Premium and Claims Handling
Information around the handling of premiums and the fair handling of claims for Coverholder business.
Reporting Standards
Coverholders, also known as MGAs, have to report on risks, premiums and claims transacted under their binding authority contracts to Lloyd’s syndicates. Here are tools to assist with reporting.
Requirements of the Council
This contains the primary rules made by the Council of Lloyd’s regarding delegation of underwriting authority.