Appointments to senior positions

Proposal form

Managing Agent SMF applications

• Submit the PRA/FCA Form A (long or short) or Form E via Connect.
• Submit the Lloyd’s proposal notification form within 24 hours of submission of forms to PRA/FCA.

Managing Agent non-SMF and all Members’ Agent applications

• Submit the Lloyd’s proposal notification form.
• If no response is received within five working days, the appointment may proceed.

Confirmation of regulatory approval- SMF roles

• Once regulatory approval is granted, submit the Lloyd’s confirmation notification form stating the appointment commencement date.

Resignation form

• Required for all resignations of managing agent and Members’ Agent SMF and non-SMF senior position personnel.
• Where applicable, submit alongside a notification of any proposed replacement.
• Lloyd’s may request exit interviews.

With regard to surplus lines business transacted in the USA, syndicates are required to report to the NAIC in respect of all persons appointed to the position of Director, Active Underwriter, Run-Off Manager, key officer positions or any other PRA or FCA Senior Management Function. This reporting forms part of the initial syndicate application to the NAIC or the annual financial filing made to the NAIC. In addition to completing their registration, individuals to be appointed to one of these senior positions are required to make a declaration (surplus lines business) in a form prescribed by the NAIC. Completion of these two steps exempts the individual from the NAIC biographical affidavit requirement.

The declaration can be made by the person being appointed to the senior position as part of the electronic notification process. The declaration may also be confirmed on behalf of the person being appointed, provided that the person completing the electronic notification process has the authority of the individual in question to confirm the declaration. In all cases, it is recommended that a record is kept evidencing that the individual making the declaration has read it and, where appropriate, has agreed to it being made on his or her behalf.

Lloyd's requires that all appointments to senior positions at managing agents and members’ agents are notified to it, as well as any changes to such appointments. Pursuant to paragraph 42A of the Underwriting Byelaw, Lloyd's may require the removal of anyone appointed to the position of director, active underwriter, run-off manager. Lloyd's may do this if it decides that a person is not fit and proper or otherwise suitable. The criteria that Lloyd's applies in making this decision are set out at paragraph 10A of the Requirements made pursuant to the Underwriting Byelaw.

If you have any questions, require any further information or are having any problems submitting one of the forms, please contact a member of the team.