Key staff

Key definitions

Key staff: Individuals employed by the coverholder who have authority to perform a function set out within the authority section of the contract.

Why guidance is needed

Key staff play a critical role in the success of any contract of delegation. It is therefore important that managing agents are aware of who are the key staff at coverholders they work with and carry out appropriate due diligence.

Lloyd’s requirements

Only the individual(s) responsible for ‘overall operation and control of the binding authority’ must be named on contract of delegation and on the Lloyd’s registration system (DCOM). However, managing agents must be aware of all key staff operating per contract of delegation. It is no longer a requirement for these key staff to be listed on ATLAS but they must either be named individually within the contract of delegation or maintained on a separate list which is readily available to managing agents. 

Managing agents should remember that if an individual named in the contract of delegation changes mid-term the agreement must be updated to reflect this.

Key staff must work from a Lloyd’s approved coverholder office that is named within the contract of delegation. Where a member of key staff is fully remote, please refer to the remote worker guidance.

Lloyd’s expectations for managing agent oversight

Lloyd’s expect managing agents to have ongoing oversight of individuals considered to be key staff. It is the managing agent’s responsibility to ensure the key staff have sufficient levels of experience to carry out the duties required of them.

Lloyd's expect to see a separation of duties between underwriting, claims and complaints. Where key staff have both underwriting and claims handling roles, please refer to the conflicts of interest guidance.

Lloyd's expect every key staff member to be directly employed by the coverholder. Where individuals are employed by a holding company, secondment agreement, or engaged as contractors, the managing agent must be satisfied that robust contractual arrangements exist to ensure effective oversight and accountability. For the high-risk countries listed in the referral criteria, please reach out to the respective country managers to ensure the arrangements meet local regulation.

It is the managing agent’s responsibility to ensure there is no sub-delegation, which may arise if key staff members are not employed by the coverholder.