Coverholders and Delegated Claims Authorities have to report on risks, premiums and claims transacted under their contracts to Lloyd’s syndicates. This page includes various tools to assist with this reporting.
Coverholders are given authority to write risks on behalf of Lloyd’s syndicates via binding authority contracts. For Lloyd’s Europe this authority will be given via Coverholder Appointment Agreement (CAA). Part of the contractual agreement is that the coverholder regularly reports risk, premium and claims information to the Lloyd’s syndicate.
Lloyd’s syndicates have agreed a core set of regulatory, tax, premium and claims information which applies to all coverholders and to TPAs/TCAs with claims authority. Lloyd’s Coverholder Reporting Standards provide details of these requirements. The purpose of the standards is to make it easier to work with the Lloyd’s market by creating a consistent request for data from coverholders and TPAs/TCAs. The standards state the core set of regulatory, tax, premiums and claims information coverholders and TPAs/TCAs are required to report into the Lloyd’s market for all classes of business in all territories.
By using the Lloyd’s standards, all coverholders and TPAs/TCAs can be assured that they are meeting all Lloyd’s tax and regulatory requirements, and therefore it is strongly encouraged that all coverholders and TPAs/TCAs adopt these standards.
In response to market request Lloyd’s mandated that all Lloyd’s syndicates request and collect data consistent with the requirements in Lloyd’s Coverholder Reporting Standards where these apply for any risks and claims attached to any binding authority agreements or CAA’s incepting or renewing from July 2017 onwards.
Version 5.2 has been released in August 2019.
The reporting requirements and the submission timeline are set out in the Coverholder Appointment Agreement (CAA). When a CAA is registered it has to be set-up in DA SATS.
What is Delegated Authority (DA) – Data Standards and SATS?
- a single set of market-approved reporting DA Data Standards (Risk, Premium and Claim) to be utilised consistently across the entire delegated autority market.
- Central repository to facilitate the collection of data in line with the Data Standards, supported by a centrally manned service for delegated authority data (Submission, Access and Transformation).
- Data Standards are available through the Market Business Glossary (Coverholder Reporting Standards v5.2 and Risk by Class of Business) which feed into te DA SATS Solution. This will enable automation, straight-through processing and one-touch data capture.
- Watch the DA SATS overview here
For registering and for all related DA SATS documentation click here.