Intermediaries

Managing agent’s obligations

1. A managing agent shall not authorise, permit or cause an approved coverholder or an approved delegated claims administrator to act in contravention of any of the requirements of the Council.

^{Intermediaries Byelaw, paragraph 58}

2. A managing agent shall immediately notify the Council in writing if it knows or believes or has reason to believe that any approved coverholder or approved delegated claims administrator is acting or has acted in contravention of any provision of this Byelaw or of any of the requirements of the Council.

^{Intermediaries Byelaw, paragraph 59}

3. A managing agent shall take all reasonable steps to satisfy itself that an approved coverholder or approved delegated claims administrator remains suitable to be approved as such in accordance with this Byelaw and any requirements as prescribed by the Council prior to the managing agent entering into a binding authority or delegated claims administration agreement with that approved coverholder or approved delegated claims administrator.

^{Intermediaries Byelaw, paragraph 60}

4. A managing agent shall immediately notify the Council in writing in the event that it knows or believes or has reason to believe that any of the events at paragraph 19 (a) to (c) or (e) has occurred or is likely to occur.

^{Intermediaries Byelaw, paragraph 61}

5. Nothing in [the Intermediaries Byelaw] shall permit a managing agent to –

(a) delegate its authority to enter into a contract of insurance to be underwritten by the members of a syndicate;

(b) delegate its authority to issue documents evidencing contracts of insurance underwritten by the members of a syndicate; 

(c) delegate its authority to determine claims on contracts of insurance underwritten by the members of a syndicate, where such delegation would be contrary to the laws, regulations or requirements of the country in which the business will be transacted.

^{Intermediaries Byelaw, paragraph 62}

Publication

6. The Council may, where appropriate, publish any decision made under [The Intermediaries Byelaw] in such terms as it sees fit.

^{Intermediaries Byelaw, paragraph 63}

Fees

7. Every applicant for registration as a Lloyd’s Broker shall pay to the Society such fees as the Council may from time to time require.

^{Intermediaries Byelaw, paragraph 64}

8. Every registered Lloyd’s broker shall pay to the Society such fees as the Council may from time to time require.

^{Intermediaries Byelaw, paragraph 65}

Prohibition on unregistered persons broking insurance business at Lloyd’s

9. No person may broke insurance business at Lloyd’s unless registered as a registered Lloyd’s broker under [the Intermediaries Byelaw] or a person referred to at paragraph 27 of the Underwriting Byelaw as a person from or through whom a managing agent may accept business on behalf of the members of a syndicate which it manages.

^{Intermediaries Byelaw, paragraph 67}

Disclosure of information

10. The Council may where necessary or appropriate require a registered Lloyd’s broker to give its consent to the Financial Conduct Authority or any other insurance intermediary regulator to disclose information which relates to that registered Lloyd’s broker to the Council.

^{Intermediaries Byelaw, paragraph 68}