Y5328: Lloyd’s Insurance Company – Updated Coverholder Appointment

The LBS0084: a new mandatory endorsement for the LBS0001A.

All Coverholders accepting EEA business on behalf of Lloyd’s Brussels need to be appointed using the mandatory form of the Coverholder Appointment Agreement (CAA).

Following discussions with the LMA, the current version of the CAA (LBS0001A) has been updated by the above-mentioned endorsement the LBS0084.

The changes relate in general to align the terminology in the CAA with the new Managing Agent Outsourcing Agreement where references to “Managing Agent” are changed to “service provider”.

The other changes are:

1. A revised list of Manufacturer activities has been set out in section 20.12 of the schedule.2. The wording of the introduction section is updated.3. Grammatical corrections have been made to section 23.

The Managing Agent Outsourcing Agreement that was issued in Q3 2020 contained a completely revised CAA wording in Schedule 3. This CAA wording was published in December 2020 as LBS0001B. Based on feedback from the LMA and given that new CAAs can be produced in DCOM in the future, Lloyd’s Europe decided not to proceed with the introduction of LBS0001B and chose to produce the LBS0084 endorsement instead.