Underwriters at Lloyd’s Policies — Individual Syndicate Listings

May 7, 1997 | Procedural Updates

As reported in a previous bulletin, the Texas Surplus Lines Association has reached agreement with the Texas Department of Insurance to permit the Stamping Office to stop collecting and reporting premium by individual syndicates on Underwriters at Lloyd’s policies. This means you will no longer be required to redistribute individual syndicate percentages of participation on policies with multiple Lloyd’s contracts, or on policies where Lloyd’s is not the sole insurer.

Since, as a part of this agreement, the Stamping Office must continue to verify the eligibility of each syndicate as of the effective date or annual anniversary date of the policy, you must continue to provide the Stamping Office a listing of the syndicates and their percentage of participation on each policy. We shall continue to tag any Lloyd’s security reported without a breakdown of the participating syndicates and you will still be required to correct or replace any ineligible syndicate we identify.

This change applies to all Lloyd’s policies processed by the Stamping Office on or after May 15, 1997. Please refer any questions to SLTX.