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Lloyd’s set to tighten third party oversight rules in 2020

3rd July 2019 - Author: Matt Sheehan

Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to make significant changes to its framework for third party oversight, which will come into effect from Q1 2020.

Lloyd’sThe changes will be aligned with the new Future at Lloyd’s strategy, and will aim to modernise current arrangements, reduce compliance costs, and allow Lloyd’s to take a more risk-based approach to oversight.

Once in force, the new framework will require third party administrators – or delegated claims administrators (DCAs) – to be approved by Lloyd’s and subject to Lloyd’s ongoing oversight.

Existing DCAs, notified to Lloyd’s under current requirements, will be ‘grandfathered’ in as approved firms.

Lloyd’s will also provide some flexible discretion to allow firms to be given delegated authority without having to obtain prior Lloyd’s approval, and to allow sub-delegation of authority.

To support the changes, in Q1 2020 Lloyd’s will be rolling out a new integrated online compliance system called Chorus, which will replace the current ATLAS and BAR systems.

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