It is also good marketing and allows processing efficiencies. Historically, the process of granting a single processing number and “Lloyd’s Consortia stamp” by Xchanging has been a good way of allowing a single line to be applied for the whole consortia. How do consortia work?Īuthority is granted to a consortia leader/manager by the followers to be able to apply a single stamp that binds all consortia members.
Service company Coverholders may also delegate underwriting authority to another service company Coverholder on the same basis (pursuant to a binding authority agreement) and where they do Lloyd’s will treat this as a consortium arrangement, which should comply with the requirements for such arrangements set out in this Code. This form of delegation is permitted in accordance with paragraph 1(c) of the Intermediaries Byelaw.
Delegated Authrorities View all 'Delegated Authrorities'
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