Requirements and standards

Article ID: 21fc789274a426cd8cded780995b5ea3b8d2553bbb36106eb8cbe7541cd840b2

Source ID: primary:lloyds.com

Published At: -

Extraction Method: trafilatura

URL: https://www.lloyds.com/market-resources/requirements-and-standards

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Requirements of the Council
The rules which govern the Lloyd's market including byelaws and other requirements.
Principles for doing business at Lloyd’s
The Principles for doing business at Lloyd’s (“The Principles”) are at the heart of our Oversight Framework and set out the fundamental responsibilities expected of all managing agents.
Lloyd's codes
Codes made and issued pursuant to paragraph 31 of the Underwriting Byelaw and paragraph 5 of the Requirements made pursuant to the Underwriting Byelaw
Supplemental requirements and guidance
“Performance Management – Supplemental Requirements and Guidance” consolidates and replaces a number of existing requirements and guidance which have previously been communicated to the market in Market Bulletins and emails.
Termination & Changes to Agency Agreements
Guidance on the process to follow for syndicate mergers, minority buy-outs or cessations and for profit commission & fee changes by managing and member’s agents.
Advance consents
Advance consents reduce the administrative burden on managing agents. Instead of managing agents having to apply to Lloyd’s for certain permissions, Lloyd’s gives “advance consent” provided the managing agent meets specific conditions.
Lloyd's brand
Lloyd’s brand guidelines are designed to help you understand how you can use the brand within your own communications.
Managing agents dealing with non-Lloyd's brokers
Lloyd's worked with the LMA to provide this practical guidance for managing agents in respect of dealing with non-Lloyd's brokers.
Electronic placement
In order to accelerate the transformation from paper to digital the Lloyd’s Board and Council have approved the details of a mandate for electronic placement on a phased basis.
Core Data Record
The Core Data Record (CDR) will ultimately enable standardised, quality data to flow through the Lloyd’s market.

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