Lloyd's plans two-tier broker system.
In a bid to diversify its business relationships, Lloyd's has launched a consultation document outli...
In a bid to diversify its business relationships, Lloyd's haslaunched a consultation document outlining plans to create a two-tier
system to open up the market to "full access" and sponsored
intermediaries.
Existing Lloyd's brokers would be granted automatic full access status for
three years, at which point they will have to undergo due diligence and
adhere to a code laid down by Lloyd's.
Full access brokers will have authority to deal with every managing agency
on the Lloyd's market and place
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