Read our latest compliance newsletter for up to date advice on; due diligence, reporting standards, how we can assist with bordereaux and much more.

2017 Due Diligence
Thank you to everybody who has assisted in our enhanced due diligence process at renewal. TPAs, by keeping the Charles Taylor database up to date and Coverholders by liaising with your brokers and keeping Atlas updated.

The new White Oak interactive platform ‘Conect’ has been launched and enables TPAs to log in and update us with live information. We are currently building the Coverholder arm and are hoping to go live with this in 2018.

After the detail of the 2017 due diligence process we are aiming for a more streamlined “no change declaration” basis for renewals in 2018.

In September 2016 Lloyd’s released Market Bulletin Y5019 regarding USA complaints handling and though we do not delegate complaints handling authority, we do expect all of our US business partners to conform to Lloyd’s requirements.

Please ensure that your internal procedures encompass the requirements and the new definition for a USA complaint: ‘A complaint is any written communication where there is an expression of dissatisfaction with an insurance product or service.

Underwriters remain responsible for the ultimate handling of complaints, kindly ensure that any communication falling within the definition above is immediately reported to our Complaint’s Handler, George, whose contact details are below.

We are happy to discuss how we can assist you in the production of bordereaux in an accurate, timely and complete manner. We can work together with your IT department to meet both yours and our requirements. We recognize that this is a complex and time consuming area and are keen to work in partnership to improve communications and are happy to introduce respective IT departments to make the process more efficient.

Lloyd’s New Reporting Standards
Lloyd’s V5 data reporting requirements as per Market Bulletin Y5015 are now mandatory for all from July 2017, if you have any concerns reporting on these requirements please let us know.

Please note that the claims format is managed by us, providing data is accurately entered onto WOUSA.

We are aiming to make audits our final review pillar, with due diligence pre-inception and ongoing contact throughout the contract as steps one and two. We would like to make the audits the best use of both your and our time by being more risk and file review focused. We will also be requesting a monthly sampling of files as per the ‘Coverholder Documentation’ section below.

At present, Lloyd’s have not released their new scope, though it is eagerly awaited. For those who have not been audited, we currently utilize the Lloyd’s V2 scope which can be found on

Please let Kaj, whose contact details are below, know if you have any feedback on audits or auditors.

North American Subrogation (NAS) have now been appointed to manage all of our US subrogation claims, following a thorough and comprehensive review of our subrogation management in conjunction with NAS over the last 2 years. NAS fit in perfectly with the standard of service of excellence we are striving to provide for our customers by delivering a subrogation service which has proved thus far to be extremely effective. NAS have formed excellent working relationships with our TPA’s, brokers and coverholders, whose combined efforts in claims handling and subrogation pursuits are ensuring superior service standards are being consistently maintained.  We are also seeing material improvements in net underwriting results. Further information regarding these services can be obtained by contacting George.

Coverholder Documentation
To meet regulator and carrier requirements, we are implementing a system of spot checking documentation issued by coverholders.  As a result we kindly request a selection of 5 complete policies from the previous month to be emailed to with the relevant following information in the email header: Coverholder name – UMR – Month/Year, for example: White Oak Underwriting Agency Ltd – B02038682424 – September 2017.

Furthermore as applicable, please can all coverholders review that the following is being completed and if not, ensure that it is going forward, as this will be checked as part of our file reviews and future audits:

  • 2017 contacts only, can all parties ensure that the correct market is named in any relevant documentation, namely ‘Certain Underwriters at Lloyd’s and International Insurance Company of Hannover SE’ or relevant as per your binding authority agreement.
  • Inclusion of NMA2962
  • Correct surplus lines notices
  • Check the White Oak driver criteria and refer to White Oak Underwriter if the driver falls outside of these requirements
  • TRIA to only be applied as applicable (please contact us if you require detail of when it is applicable)
  • Going forward LMA3100 to be on all policies

We also remind all coverholders to use their best endeavors to issue policies within 30 days or as soon as possible after this, further details can be found from the London Market Group at:

Sanctions Screening
As a result of increased scrutiny and concerns we have been requested by our carriers that all US coverholders and TPAs are to check OFAC, UK and European sanctions databases:

  1. (recommended) pre-bind; and
  2. (mandatory) pre-payment, of a return premium or payment of a claim

We will be writing separately on this aspect as it is put in place but please be forewarned of this becoming a requirement.

Bank Accounts
We kindly remind all coverholders that Lloyd’s requires:

  • Separate accounts for insurance and non-insurance monies. If the Coverholder has claims authority there should also be separate accounts for claims monies.
  • Two signatories for each account must be provided.
  • Insurance monies to be held in trust accounts whenever this is possible in the relevant territory. Where a trust account is not used please explain how the account is set up.

Please see the following Lloyd’s link regarding bank accounts for more information:

Please could you advise immediately should have any difficulty in adhering to these requirements.

Jon Sitwell
Head of Claims and Compliance


Kajal Pankhania
Deputy Compliance Officer