Lloyd's Market Association Bulletin

LMA17-023-TH  |  26 May 2017

Coverholder Audit Scope Pilot

The LMA Coverholder Audit Scope has now completed an extensive consultation with the market and is available for use in a pilot phase, which will run until mid Q3 2017. The scope can be found on the Coverholder Audit page of the LMA website.

For managing agents that are intending to use the new scope to instruct coverholder audits during this period, please inform the coverholder audit team at Lloyd’s: covaudit@lloyds.com, and Tom Hamill at the LMA: tom.hamill@lmalloyds.com. Both Lloyd’s and the LMA are keen that the usage of the scope be monitored and updated throughout the pilot where necessary, so any London Market participants and auditors will be asked to complete a short feedback form. Please note that there may be minor revisions to the scope due to feedback throughout this period.

Further communications will be issued later in the year when the scope exits the pilot phase. It is intended that the scope will be updated on an annual basis following this, with additional appendices also to be added over time.

This audit scope is purely illustrative and distributed for the guidance of members, who are free to use any audit scope to oversee their coverholders. The LMA accepts no responsibility for any loss occasioned to any person acting or refraining from acting as a result of material contained in these documents.

Where managing agents have questions regarding the scope please contact the LMA or the coverholder audit team at Lloyd’s. Auditors and other market participants with questions regarding the scope should direct any questions through the instructing managing agent.

Tom Hamill
Senior Executive, Underwriting