Guide for Becoming a Registered Lloyd's Broker

This guide outlines the process for brokers who wish to become registered Lloyd’s brokers. It begins with a pre-application meeting with a local Lloyd’s Country Representative to discuss the application process and requirements. The registration process involves three main steps: the Lloyd’s Process, the Velonetic Process, and the Market Process. The Lloyd’s Process requires brokers to provide evidence of regulatory authorizations and meet specific criteria. The Velonetic Process involves setting up with Velonetic for premium and claims processing. The Market Process necessitates obtaining commitment from managing agents through Terms of Business Agreements. The guide also details the necessary documentation, including a business rationale, and the one-off registration fee. Upon successful application, brokers will be added to the public register of Lloyd’s brokers, enabling them to operate within the Lloyd’s market. It is emphasized that registration does not confirm regulatory authorization to place insurance business, which is the responsibility of the relevant authorities.