1. The Council may from time to time make and publish underwriting guidelines for managing agents, substitute agents and approved run-off companies in respect of any matter relating to the business of insurance at Lloyd’s.
Underwriting Byelaw, paragraph 24
2. The underwriting guidelines made and issued by the Council relating to run-off are set out in Market Bulletin Y4829 (Amended Run-Off Guidelines) issued on 8 October 2014.
Requirements Made Under the Underwriting Byelaw, paragraph 4
3. A managing agent shall only underwrite on behalf of the members of a syndicate in accordance with an agreed business plan relating to that syndicate or, in the case of a run-off syndicate or run-off account, an agreed run-off closure plan relating to that syndicate.
Underwriting Byelaw, paragraph 25
4. 26. In the event that a managing agent carries out underwriting on behalf of the members of a syndicate otherwise than in accordance with an agreed business plan or an agreed run-off closure plan relating to that syndicate, the managing agent must immediately notify the Council.
Underwriting Byelaw, paragraph 26
5. A managing agent may accept business on behalf of the members of a syndicate which it manages only –
(a) from a Lloyd’s broker, provided that prior to accepting business the managing agent has entered into a terms of business agreement with the Lloyd’s broker;
(b) directly from the insured or reinsured or, in the case of a syndicate, through a managing agent;
(c) through an approved coverholder in accordance with the terms of a binding authority[;]
(d) through a person to whom the Council, pursuant to paragraph 1 (e) of the Intermediaries Byelaw (No. 3 of 2007), has permitted a managing agent to delegate its authority to enter into contracts of insurance to be underwritten by the members of a syndicate managed by it, in accordance with the terms of a contract of delegated authority.
(e) through a service company coverholder in accordance with the terms of a binding authority that is a service company agreement;
(f) in respect of personal lines business, commercial life business, and commercial motor business, without limiting any other sub-paragraph, from or through a person who is not a Lloyd’s broker where –
(i) that person is registered with a competent authority for the purposes of the Insurance Distribution Directive (EU) 2016/97 and complies with the provisions of the Financial Services and Markets Act 2000 and with the Prudential Regulation Authority’s requirements and Financial Conduct Authority’s requirements which are applicable to it; or
(ii) the managing agent accepting business on the member’s behalf has obtained the consent of the Council to accept business from that person;
(g) in respect of reinsurance of Lloyd’s Insurance Company (China) Limited directly from Lloyd’s Insurance Company (China) Limited;
(h) in respect of reinsurance of Lloyd’s Insurance Company S.A. directly from Lloyd’s Insurance Company S.A.;
(i) in respect of business constituting “Singapore policies” or “offshore policies” (as respectively defined in the Insurance Act (Cap 142) of the Republic of Singapore) and where the contracts in question are made in Singapore, through a service company coverholder registered with the Monetary Authority of Singapore; and
(j) from or through any other person where, prior to accepting business, the managing agent has –
(i) satisfied itself that the person meets such criteria as the Council may from time to time prescribe for the purpose of this subparagraph; and
(ii) entered into a terms of business agreement with that person.
Underwriting Byelaw, paragraph 27
The following Codes have been issued under paragraph 31 of the Underwriting Byelaw.