1. 35. The Council may from time to time prescribe such conditions and requirements regarding insurance documentation issued under a contract of delegated authority which may include conditions and requirements relating to –
(a) the content, form and style of the insurance documentation;
(b) service standards for the issuance and distribution of the insurance documentation;
(c) arrangements to ensure, where a contract of insurance has been entered into under a contract of delegated authority, that a policyholder can verify the authority of a person to enter into contracts of insurance underwritten by members of a syndicate and the authenticity of the insurance documentation issued by it; and
(d) arrangements for the proper control of the issuance and distribution of the insurance documentation.
Intermediaries Byelaw, paragraph 35
2. Insurance documentation evidencing contracts of insurance issued by an approved coverholder under a binding authority shall include the following information, provisions and terms -
(a) the name and address of the approved coverholder;
(b) all relevant terms and conditions that relate to the contract of insurance entered into by the approved coverholder including:
(i) relevant wordings, exclusions and limitations;
(ii) the maximum period of cover;
(iii) the limits of liability (other than where inclusion of such a limit would be contrary to any applicable law); and
(iv) any applicable excess or deductible,
(c) the amount of the premium and any other information relating to the cost of the contract of insurance that is required by applicable laws or requirements to be disclosed;
(d) information about the procedures for handling claims arising under the contract of insurance and for the resolution of complaints;
(e) a unique contract number;
(f) provisions that explain the several liability of the members of the syndicate underwriting the contract of insurance;
(g) other information as the policyholder may properly require;
(h) the law and jurisdiction applicable to the contract of insurance; and
(i) any other provisions required under the laws or requirements of the jurisdiction in which the contract was concluded, where the insured is domiciled or of any other relevant jurisdiction and any other provisions as required by the relevant representative or agent of the Society.
Requirements made under Intermediaries Byelaw, paragraph 15
3. An approved coverholder under a binding authority may only issue insurance documentation evidencing contracts of insurance in which a proportion of the risk is to be accepted by insurers other than members (a “combined certificate”) provided that:
(a) each managing agent that is a party to the binding authority has agreed to the issue of combined certificates;
(b) the combined certificate includes all the details that are required to be included in insurance documentation evidencing contracts of insurance that are issued by an approved coverholder under a binding authority;
(c) the proportion or amount of risk accepted by Lloyd’s syndicates is expressly stated on the combined certificate and is specified separately from the proportion or amount of risk accepted by other insurers;
(d) the combined certificate contains the following appropriate several liability statement in accordance with Market Bulletin Y4133; and
(e) the issuance of combined certificates has been confirmed as an acceptable practice by the general representative in the country in which their issuance is required or, in the absence of such a general representative, by the Council,
save that nothing in this paragraph shall permit a combined certificate to be issued in circumstances where that would contravene any relevant territorial general cover condition or would contravene any requirements of the jurisdiction in which the approved coverholder is domiciled, or any other jurisdiction in which the approved coverholder trades, provides services or does business.
Requirements made under Intermediaries Byelaw, paragraph 16