Delegated Authority Reviews
In order to regulate the use of Delegated Authority facilities, Lloyd’s sets certain measures otherwise known as the ‘Lloyd’s Minimum Standards’ to ensure the correct controls and governance are in place when delegated authority reviews are undertaken. These minimum standards must be adhered to by Lloyd’s Managing Agents, Coverholders and Third Party Administrators (TPAs).
Mazars’ dedicated Delegated Authority Review team have a deep understanding of Lloyd’s Managing Agent and London market insurance company requirements, and whose global expertise spans across the UK, the European Union, Scandinavia, Switzerland, Hong Kong, Australia, Russia, South Africa, Chile, Argentina, Dubai, Canada and the USA, to name but a few. The team has specialised skills (including extensive language skills) to deliver whichever type of review you require e.g: Coverholders; Conduct Risk; IT; Claims TPAs; Pre-inception Governance; and Run-off. This list is by no means exhaustive in terms of the areas that we cover as part of the review involved under each type.
What this means for you:
- A dedicated team with over 100 years combined insurance experience in the Lloyd's and London Market;
- An excellent understanding of the Lloyd's Market Delegated Authority Audit Scope and Lloyd's minimum standards;
- A flexible approach to meet your needs;
- An extensive knowledge gleaned from global experience and expertise;
- Pro-active approach to undertaking these type of reviews.
We fully understand the relationships that Lloyd’s Managing Agents and London market insurance companies have with their Coverholder and TPAs. Our aim is therefore to help you ensure your business needs are not only met, but also optimised and ready for the future.
Want to know more?
Mazars’ Delegated Authority Management Survey 2019
15 July 2019 International accounting and advisory firm Mazars has published its Lloyd’s Delegated Authority Management Survey. It found that 53% of Lloyd’s Managing Agents are struggling with resources in their delegated authority (DA) teams, a worrying trend given that this figure has risen since 2017.
You will find here all publications related to insurance.
In the Spotlight
Service organisation control reports
Many companies have found that they are able to function more effectively through the outsourcing of tasks or entire functions to service organisations. It is vitally important that such organisations have a verifiable and reliable system of internal controls in place.
Skilled persons reviews
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have the power to commission reviews by Skilled Persons under Section 166 of the Financial Services and Markets Act, as amended by the 2012 Act (FSMA), to enable them to obtain an independent view of aspects of a firm's activities that are deemed to provide cause for concern. There are two types of review that may be commissioned. These are known as • s166 Reports by Skilled Persons; and/or • s166A Appointment of Skilled Person to collect and update information.