market bulletin

Ref: Y5015

Title

Lloyd’s Coverholder Reporting Standards Version 5Purpose

Lloyd’s has issued a new version of the Coverholder Reporting Standards

TypePublication of the new version of Lloyd’s Coverholder Reporting Standards on
www.lloyds.com

From

Peter Montanaro, Head of Delegated Authorities
Performance Management Directorate+44 020 7327 5971, Peter.Montanaro@lloyds.com

Date

15 August 2016

Deadline
Related links

http://www.lloyds.com/the-market/i-am-a/delegated-authority/compliance-andoperations/reporting-standards

Lloyd’s managing agents and syndicates have agreed a core set of regulatory, tax,premiums and claims information known as Lloyd’s Coverholder Reporting Standards
Version 5. The standards apply to all coverholders and TPAs. The purpose of thestandards is to make it easier to work with the Lloyd’s market by creating a consistent
request for data from coverholders and TPAs.
For many coverholders and TPAs, the implementation of the new version of the standards
will have no impact as the required data is already being provided using processes andsystems established with their London brokers and Lloyd’s syndicates.
The standards cover all classes and territories. Spreadsheet templates, including territory
specific templates, provide guidance as to the conditions under which data must beprovided. Full detailed definitions and further guidance are provided in the User Guide. It
is important that for each binder the appropriate data requirements are understood. The
Lloyd’s website also provides links to ACORD XML messages which can be used to meetthese requirements. To ensure consistency, it is recommended that as far as possible thedocumentation provided by Lloyd’s and the website be used in any communications withrespect to Lloyd’s Coverholder Reporting Standards. Should further materials be required,
then these should be requested from Lloyd’s.

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Lloyd’s is authorised under the Financial Services and Markets Act 2000

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What has changed since version 4?
The new version of the standards includes the requirements from version 4 together withthe following:•

Australia - Requirements of the Australian Prudential Regulation Authority (APRA)
which apply to Australian public/product liability and professional indemnity insurance
have been included together with those in relation to Australian terrorism reporting.

•South Africa - The new requirements of the South African regulator, the Financial
Standards Board (FSB) for conduct data have been included; these are effective from
June 2016, with a two year phase in period.

•

UK - The requirements of the Employers’ Liability Tracing Office (ELTO) have beenincluded; these apply to UK Employers’ liability business only.

•

UK - The risk requirements of Flood Re which apply to UK Flood Re property businessonly have been included.

•

UK - The requirements of Pool Re which apply to UK Pool Re property business only
have been included.

•UK and EEA - High Product Risk Products - Claimant address, postcode and country(CR0308/9/10) are NOT required for High Product Risk Products.

•

US - The requirements of US Terrorism, TRIA which apply to US business only havebeen included.

•All Claims - Date claim opened (CR0300) and Date claim first advised (CR0136) arenow mandatory.

•All Claims - Claims MI requirements have been included, although these do not have tobe reported with other claims information.

In response to market request Lloyd's will be mandating the data requirements included inthe Coverholder Reporting Standards on Lloyd's syndicates from July 2017. It is not Lloyd’s
intention to mandate that a particular format is used for reporting; Lloyd’s does not wish toimpose changes where systems and processes have already been implemented. Lloyd’s
will work with the market over the coming months to expand the data set to include theclass of business risk data, so that the Coverholder Reporting Standards are acomprehensive set of data; and to understand any modifications which need to be made toensure the data set is one which it is feasible for coverholders to provide.
Until class of business specific risk data requirements are agreed, Lloyd’s syndicates andmanaging agents will still need to request further information for underwriting and exposure
management. Market participants are asked to submit any recommendations for classspecific risk data standards to DAStandards@lloyds.com.

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Lloyd’s local offices will also need to request additional information to facilitate tax andregulatory reporting locally. Lloyd’s will work with local offices to gradually expand thestandards to include this information.
A formal process will be put in place to govern Lloyd’s Coverholder Reporting Standards
going forwards; Lloyd’s will seek to keep the data requirements as stable as possible and tolimit the number of releases of these.
Next steps
Lloyd’s will be meeting with London brokers; and for direct business with Lloyd’s syndicates;
to discuss the reporting requirements of their coverholders and TPAs The issuance of thisbulletin and V5 of the reporting standards will enable central communications to be provided
to impacted parties as follows;• Lloyd’s will communicate with coverholders via and with the help of London brokers• The LMA will communicate with TPA’s on behalf of managing agents. Managing agentswill be advised when this communication process is complete and will receive
confirmation of those TPA’s that have been contacted
Any questions or clarifications on the above should be directed toSarah.Thacker@Lloyds.com

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