market bulletin

Ref: Y4998

Title

Coverholder Regional Mapping Amendments

PurposeUpdates Lloyd’s international requirements for coverholder approval (amendingMarket Bulletin Y4125, dated 13 February 2008)

TypeEventFrom

Peter Montanaro – Head of Delegated Authorities
Performance Management Directorate

Date

13 May 2016

Deadline

Immediate

Related links

http://www.lloyds.com/the-market/i-am-a/delegated-authority/applications-andprocesses/post-approval-changes/regionsth

Purpose of BulletinThis bulletin is intended to detail the Lloyd’s process for granting coverholder regional
extensions, following recent changes. It is in amendment to Market Bulletin Y4125“Coverholder approval: international requirements”
Coverholder regional extension approval
Lloyd’s has undergone a remapping exercise of the specific regional territories coverholders
are authorised to write within. This is in order to streamline, better control and monitor theflow of delegated authority business. This process will be completed by 15 May 2016.
Lloyd’s delegated authorities have identified an area for improvement with regards to theregional permissions which are being granted to coverholders on ATLAS and subsequently
selected on BAR when a binder authority is registered.
Lloyd’s currently codes these regions as follows:•Australia•

Canada•Europe (EEA Countries)

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

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Switzerland•

US (Including Illinois and Kentucky)•

US Virgin Islands•

Other Licensed•

All Unlicensed

As part of the project Lloyd’s Delegated Authorities have decided to recode these groupings
to the following. Within each of these groups are the various countries/territories which sit
behind them (as outlined in the Regional Mapping Document). This document will be foundunder “Post Approval Changes” within the applications and processes page on the new
Delegated Authorities homepage on Lloyds.com.

By recoding these regions and splitting specific territories out, this will enable a morestreamlined approach for the market and will improve Lloyd’s monitoring of where businessis emanating from.
Where a specific territory has been grouped within an overall region, such as an African(Licensed/Unlicensed) regional extension, the individual territories that fall under this region
will now be able to be selected on BAR. Users will be able to do so by either selecting theindividual country/territory or by selecting all territories which fall within that region.
As per the current process, for some specific territories, Lloyd’s Delegated Authorities will
be asking for more detailed information to be provided before approving the regionalextension. The information we will be requesting has been collated from the Lloyd’s country
managers and is available on Lloyds.com under “Post Approval Changes”.
With effect from 15 May 2016, Lloyd’s is looking to implement these changes across ATLASand BAR; therefore, after this date any new binders or renewal of existing binders will need
to be registered under the new regional classifications.
Any regional permissions a Coverholder is currently authorised for will be grandfathered
over to the new regional clarifications.

market bulletin - coverholder regional mapping amendments.docx

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Lloyd’s trading rights
Please note that the ability for a Coverholder to write in a specific territory is subject toLloyd’s licensing or regulatory status as listed on Crystal. Approval by Lloyd’s DelegatedAuthorities of a regional extension does not amount to a regulatory authorisation and totheir own intermediary licensing to trade in the territory or territories for which approval has
been obtained. For up-to-date guidance on Lloyd’s global trading rights, always check
Crystal or speak to the Lloyd’s International Trading Advice (“LITA”) team.
Additional Guidance
Regional extensions are required where the Coverholder will be binding risks that create
risk location in territories not currently approved for the Coverholder on ATLAS. For
assistance with deciding on the location of a risk for tax and regulatory purposes, Lloyd’s
has developed the Risk Location, which can be assessed using this link:
http://www.lloyds.com/Lloyds_Worldwide/Risk_locator/.
Details of where Lloyd’s is licensed can be found using Crystal’s interactive map, which canbe viewed here:
http://www.lloyds.com/Crystal/Flash/worldmap/iMap.aspx
Further information
If you have any questions with regard to this bulletin, you are asked to contact:
Lloyd’s Delegated Authorities Team
Tel: +44 (0)20 7327 6275
Email: coverholders@lloyds.com
If you have any questions in relation to global trading please contact:
Lloyd’s International Trading Advice
Tel: +44 (0)20 7327 6677
E-mail: LITA@lloyds.com

market bulletin - coverholder regional mapping amendments.docx

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