Lloyd's plans overhaul of rules for third-party underwriters, claims handlers
Lloyd's of London has proposed a series of changes to how it oversees third parties carrying out underwriting and claims handling on behalf of its syndicates.
According to Lloyd's, there are more than 4,100 coverholders companies authorized to underwrite on behalf of syndicates and 400 third-party claims administrators, or TPAs, working for the market worldwide. These companies operate under so-called delegated authority agreements.
Lloyd's said the changes are designed to modern...