Bulking Lineslip – Target Operating Model
Lloyd’s Insurance Company S.A.
3rd April 2020
© Lloyd’s 1
Classification: Confidential
Introduction
Objectives:
• Lloyd’s Insurance Company S.A. (LIC) has defined a minimum data set and reporting frequency across Risks/Premiums to support financial and actuarial
processing and oversight.
• LIC requires this data from the market for bulking lineslips incepting 1st January 2021 or later.
Context:
• LIC contractual relationship is with the Lead MA through the Outsource MA Agreement. The Lead will be held accountable by LIC for the supply of this data.
• No changes are required to the Outsource Agreement to support this requirement.
• The Lead does not hold the Premium data required; the Lead may not hold the Risk data in a structured format.
• The Broker holds the Risk/Premium data required.
• The operating model proposes a number of options on how data can be provided by the Broker to the Lead and ultimately to LIC.
• LIC will not prescribe an option – ultimately this should be part of the commercial negotiation between Broker and Lead.
• LIC will provide wordings to support these options for insertion into the Lineslip Agreement.
• DASATS is the market service that provides for BDX submission and management; it is an integral part of the LIC operating model and is the repository in to
which the Risk/Premium data must be delivered.
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Classification: Confidential
Reporting frequency and deadlines
Risk reporting
Frequency
Information on risks written on bulking lineslips, and any adjustments to such risks, must be submitted to DA SATS monthly until every insurance bound has expired or has otherwise been
cancelled or terminated.
Deadlines
For risks written, risk information must be submitted into DA SATS on a ‘fully approved’ basis as follows:
• Jan – Mar: within 32 days of month end;
• Apr – Jun: within 23 days of month end;
• Jul onwards: within 15 days of month end.
Nil submissions
A nil statement must be submitted where there is no activity during the reporting period.
Premium reporting
Frequency
Paid premium details, and any adjustments to such paid premium details must be submitted to DA SATS monthly until every insurance bound has expired or has otherwise been cancelled or
terminated.
Deadlines
Premium risk information must be submitted into DA SATs on a ‘fully approved’ basis no later than 5 working days before the last working day of the 3rd calendar month, after the end of the
reporting month.
Nil submissions
A nil statement must be submitted where there is no activity during the reporting period.
© Lloyd’s 3
Classification: Confidential
To be state: risks/declarations Submission Choices
Broker Broker provides data sheet at time of
1 bind. MA collates data and submits on
Place
Master Lineslip DASATS
Agreement Broker (system) generates risk report.
2 Broker/MA submits to DASATs
Declaration MA (system) generates risk report.
3 MA submits to DASATs
risk
DA SATS
Create Master “LS’ global
Record rules
Lead MA Followers
Login
Login Create bespoke
rules
Other Considerations/Factors
Upload risk
Upload risk Validate
Validate
information
information Submission Drop down leads. Where drop down leads are
permitted by the agreement, recommendation is
for risk information submission/generation to be
Success/Fail Transform
Transform handled by the broker. This aligns with
ure status and store
and store
recommendations on CAA’s.
Not common on bulking lineslips
Access
Reports
LIC
Make
available to
available to
LIC
© Lloyd’s 4
Classification: Confidential
To be state: premiums Submission Choices
Broker Broker (system) generates premium
Place
1 report. And submits directly to DA
Master Lineslip SATs
Agreement Broker (system) generates report and
or provides to the MA. MA submits to DA
SATs
Declaration
risk
DA SATS
Create Master “LS’ global
Record rules
Lead MA Followers
Login
Login Create bespoke
rules
Premium information
Upload
Upload Validate
premium Validate
bordereau Submission
information
Brokers are the source of paid premium
information and generate bordereau today to
Success/Fail Transform
Transform
Transform support the A&S via DXC.
ure status and
and store
and store
store
Changes will be required to existing broker
Access
produced premium bordereau to comply with
Reports the LIC data requirements.
LIC
Make
available to
available to
LIC
© Lloyd’s 5
Classification: Confidential
