Establishment and maintenance of registers
1. The Council shall establish and maintain registers of –
(a) approved coverholders;
(b) approved delegated claims administrators;
(c) such other classes or categories of persons to whom the Council has permitted authority to be delegated or sub-delegated in accordance with paragraphs 1 to 4B as the Council may prescribe from time to time; and(d) such classes or categories of contracts of delegated authority as the Council may prescribe from time to time.
Intermediaries Byelaw, paragraph 5
2. The registers shall be in such form and contain such information as the Council may prescribe.
Intermediaries Byelaw, paragraph 6
Format and content of the registers
3. The registers to be established and maintained pursuant to paragraph [1. above] shall be held electronically on the system the Council operates for that purpose.
Requirements made under the Intermediaries Byelaw, paragraph 1
4. The Council may prescribe which persons or categories or classes of person may inspect all or any part of each register referred to in paragraph [1. above].
Intermediaries Byelaw, paragraph 7
Inspection of the registers
5. Any person may inspect the register of –
(a) approved coverholders;
(b) approved delegated claims administrators; and
(c) those prescribed classes or categories of persons to whom the Council has permitted authority to be delegated or sub-delegated in accordance with paragraphs 1 to 4B.
Requirements made under the Intermediaries Byelaw, paragraph 2
6. The following persons may inspect the part of the register of prescribed classes or categories of contracts of delegated authority which relates to that contract of delegated authority –
(a) the managing agent of the syndicate that underwrites or is to underwrite the contracts of insurance in respect of which authority has been delegated or subdelegated in accordance with that contract of delegated authority;
(b) a person which is a party to that contract of delegated authority; and
(c) a Lloyd’s broker which arranged or broked that contract of delegated authority.
Registration of approved coverholders, approved delegated claims administrators and others to whom the Council has permitted authority to be delegated or sub-delegated.
Requirements made under the Intermediaries Byelaw, paragraph 3
7. The arrangements for entering in and removing names from the register of approved coverholders and approved delegated claims administrators shall be in accordance with paragraphs 11 and 19.
Intermediaries Byelaw, paragraph 7A
8. The Council may from time to time prescribe the arrangement for entering in the register of names of persons required to be registered in accordance with paragraph [1(c) above], including –
(a) which classes and categories of persons may register a person within this category; and
(b) the requirements and procedures that must be complied with in order to register such a person.
Intermediaries Byelaw, paragraph 7B
9. A person required to be registered in accordance with paragraph [1(c) above] may only be registered by –
(a) the managing agent of the syndicate that underwrites or is to underwrite the contracts of insurance in respect of which authority has been delegated or sub-delegated in accordance with that contract of delegated authority;
(b) such other classes or category of persons as the Council may notify from to time.
Requirements made under the Intermediaries Byelaw, paragraph 3A
10. Registration of a person required to be registered in accordance with paragraph [1(c) above] shall be by means of the electronic system the Council operates for that purpose.
Requirements made under the Intermediaries Byelaw, paragraph 3B
11. The person who registers a person within this category shall ensure that the information contained in the register relating to that person is kept up-to-date.
Intermediaries Byelaw, paragraph 7C
12. Managing agents, approved coverholders and approved delegated claims administrators shall not permit persons required to be registered in accordance with paragraph [1(c) above] within this category to exercise authority delegated to them in accordance with any of paragraphs 1 to 4B unless that person’s name is included in the register.
Intermediaries Byelaw, paragraph 7D
13. The Council may at any time remove from the register established and maintained in accordance with paragraph [1(c) above] the names of any persons who are not or have ceased to be persons requiring their name to be included in the register.
Intermediaries Byelaw, paragraph 7E
14. The Council may from time to time prescribe –
(a) which classes and categories of persons may register a contract of delegated authority; and
(b) prescribe requirements and procedures which must be complied with in order to register a contract of delegated authority.
Intermediaries Byelaw, paragraph 7F
15. A contract of delegated authority may only be registered by –
(a) the managing agent of the syndicate that underwrites or is to underwrite the contracts of insurance in respect of which authority has been delegated or subdelegated in accordance with that contract of delegated authority;
(b) such other classes or category of persons as the Council may notify from [time] to time.
Requirements made under the Intermediaries Byelaw, paragraph 3C
16. Registration of a contract of delegated authority shall be by means of the electronic system the Council operates for that purpose.
Requirements made under the Intermediaries Byelaw, paragraph 3D
17. The person who registers a contract of delegated authority shall ensure that the information contained in the register relating to that contract of delegated authority is kept up-to-date.
Intermediaries Byelaw, paragraph 7G
Directions, conditions and requirements
18. The Council may at any time give such directions to or impose such conditions or requirements on an approved coverholder or approved delegated claims administrator (or any class or group thereof) as it thinks necessary or appropriate. A direction, condition or requirement given or imposed under this paragraph may include a direction, condition or requirement for the purposes of ensuring that the approved coverholder or approved delegated claims administrator (or any class or group thereof) –
(a) is or will continue to be suitable to be an approved coverholder or approved delegated claims administrator;
(b) will only act in that capacity in accordance with a binding authority or delegated claims administration agreement which has such parties, or which was arranged or broked by such person or persons, as the Council may specify;
(c) will only act in that capacity in respect of certain classes or categories of insurance business or in respect of certain geographical areas as specified by the Council;
(d) in the case of approved coverholders, may only determine the premium to be charged in respect of each contract of insurance to be entered into under a binding authority in accordance with such restrictions or limitations as the Council may specify;
(e) in the case of approved coverholders. may only determine claims on contracts of insurance which have been entered into or are being administered by that approved coverholder in accordance with such restrictions or limitations as the Council may specify;
(f) may only sub-delegate any authority to enter into or to issue documents evidencing contracts of insurance or to determine claims on contracts of insurance underwritten by or, as the case may be, to be underwritten by members of a syndicate in accordance with such restrictions or limitations as the Council may specify (which may include prohibiting any sub-delegation of authority).
Intermediaries Byelaw, paragraph 16
Review of approval
19. The Council may at any time conduct a review of an approved coverholder’s or approved delegated claims administrator’s approval under [the Intermediaries Byelaw] for the purpose of determining –
(a) whether they continue to suitable to be approved as such;
(b) whether there are or may be any ground for exercising any power of the Council.
Intermediaries Byelaw, paragraph 17
20. In connection with any review conducted by the Council under paragraph [19. above], the Council may require the approved coverholder or approved delegated claims administrator, any managing agent which is or has been a party to a binding authority or delegated claims administration agreement with the approved coverholder and any Lloyd’s broker which arranged, broked or is a party to any such binding authority or delegated claims administration agreement and any of their directors, partners or employees to –
(a) provide information, documents, books, records and other materials;
(b) answer questions;
(c) attend before the Council or any representative or agent of the Society;
(d) permit the Council or any representative or agent of the Society to attend at the approved coverholder’s or approved delegated claims administrator’s business premises to inspect, review or assess the approved coverholder’s or approved delegated claims administrator’s business operations, books and records and to pay or contribute to the costs of that inspection, review or assessment;
(e) make declarations to the Council.
Intermediaries Byelaw, paragraph 18
Revocation of approval
21. The Council may at any time revoke the approval of an approved coverholder or approved delegated claims administrator and remove its name from the applicable register if the Council considers that –
(a) the approved coverholder or approved delegated claims administrator is not suitable to be approved as such;
(aa) the approved coverholder or approved delegated claims administrator has failed to or has ceased to comply with any requirements of the Council;
(b) the approved coverholder or approved delegated claims administrator has failed to or has ceased to comply with any direction, condition or requirement given to or imposed upon it under paragraph [18. above];
(c) the approved coverholder or approved delegated claims administrator has failed to or has ceased to comply with the terms of any undertaking or declaration that it has given to the Council;
(d) in the case of an approved coverholder, the approved coverholder has not been party to a binding authority for a period of 3 months, or such longer period as the Council may permit, since the expiry of its authority to enter into contracts of insurance on behalf of the members of a syndicate under the last binding authority to which it was party;
(da) in the case of an approved delegated claims administrator, the approved delegated claims administrator has not been party to a delegated claims administration agreement for a period of 6 months, or such longer period as the Council may permit, since the expiry of its authority to determine claims on contracts of insurance underwritten by the members of a syndicate under the last delegated claims administration agreement to which it was party; or
(e) it is necessary or desirable in order to protect the name, reputation or standing of the Society and of its members or their authorisation to conduct insurance business.
Intermediaries Byelaw, paragraph 19
22. Where the Council considers that there are grounds for revoking the approval of an approved coverholder or an approved delegated claims administrator the Council may if it considers that there is good reason to do so –
(a) postpone that revocation for such period or periods as the Council may specify from time to time or until the Council shall otherwise determine; and
(b) in connection with such postponement, at any time give such directions or impose such requirements as it may think fit including directions or requirements for the purpose of ensuring that –
(i) in the case of an approved coverholder, the approved coverholder does not or does not continue to enter into or purport to enter into any further contracts of insurance on behalf of members of a syndicate;
(ia) in the case of an approved delegated claims administrator, the approved delegated claims administrator does not or does not continue to determine or purport to determine claims underwritten by members of a syndicate;
(ib) the approved coverholder or approved delegated claims administrator does not or does not continue to enter into or purport to enter into any contract of delegated authority; and
(ii) any contracts of insurance entered into on behalf of members of a syndicate in any capacity are properly administered.
Intermediaries Byelaw, paragraph 20
Decisions may be made by electronic processes
23. Where it considers appropriate, any decision in this part may be made and communicated by the Council using automated electronic processes.
Intermediaries Byelaw, paragraph 21