Delegated Authority Reviews
In order to regulate the use of Delegated Authority facilities, Lloyd’s sets certain measures otherwise known as the ‘Lloyd’s Minimum Standards’ to ensure the correct controls and governance are in place when delegated authority reviews are undertaken. These minimum standards must be adhered to by Lloyd’s Managing Agents, Coverholders and Delegated Claims Administrators (DCAs).
Our dedicated Delegated Authority Review team have a deep understanding of Lloyd’s Managing Agent and London market insurance company requirements, and whose global expertise spans across the UK, Italy, the European Union, Scandinavia, Switzerland, Hong Kong, Australia, Russia, South Africa, Chile, Argentina, Dubai, Canada and the USA, to name but a few. The team has specialised skills (including extensive language skills) to deliver whichever type of review you require e.g: Coverholders; Conduct Risk; IT; Claims DCAs; Pre-inception Governance; and Run-off. This list is by no means exhaustive in terms of the areas that we cover as part of the review involved under each type.
What this means for you:
- A dedicated team with over 20 years of combined delegated insurance experience in the Lloyd's and London Market.
- An excellent understanding of the Lloyd's Market Delegated Authority Audit Scope and Lloyd's minimum standards.
- A flexible approach to meet your needs.
- An extensive knowledge gleaned from global experience and expertise.
- Pro-active approach to undertaking these type of reviews.
- Our team also undertakes non-Lloyd's Company Market reviews as either part of large coordinated reviews or solo standalone reviews.
We fully understand the relationships that Lloyd’s Managing Agents and London market insurance companies have with their Coverholder and DCAs. Our aim is therefore to help you ensure your business needs are not only met, but also optimised and ready for the future.
Documents
National contact
Rob Moore Associate Director - Delegated Authority Review - London
Mazars’ Delegated Authority Management Survey 2019
15 July 2019 International accounting and advisory firm Mazars has published its Lloyd’s Delegated Authority Management Survey. It found that 53% of Lloyd’s Managing Agents are struggling with resources in their delegated authority (DA) teams, a worrying trend given that this figure has risen since 2017.
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