For the first time in more than 300 years Lloyd’s has opened its market to insurance intermediaries around the world. In line with announced plans it began sending applications to over 150 brokers who have expressed interest in becoming accredited Lloyd’s members as of 2001.
The move is the latest step in Lloyd’s goal of reforming the London market to open access to more brokers and their clients. It began with a discussion document, published over a year ago, and continued with the publication of broker standards, released last May.
The criteria impose regulations set by the General Insurance Standards Council as well as compliance with Lloyd’s own rules and financial minimums and assurance that applicants are adequately regulated by authorities in their home markets.
Accreditation under the new system applies only to non-Lloyd’s brokers until December 31. As of January 1 existing Lloyd’s brokers must reapply for membership, but will be given three years to meet the same standards.
Julian James, newly appointed director of worldwide markets, who formerly headed Lloyd’s North American operations, stated, “This is an outstanding opportunity for brokers in the United States to take part in the Lloyd’s market. There has been a lot of demand for this in the past. Now it is finally happening. It’s exciting for everyone.”
For further information contact Lloyd’s Broker Service Department at:
firstname.lastname@example.org, or telephone 44-(0)20-7327-6524.
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