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Delegated Authority Services

GSI provides the following services for Underwriters when considering the appointment of coverholders, or reviewing existing relationships:


Delegated Authority Audit Services – For existing coverholders, we undertake an audit of the coverholder’s operations and compliance with their binding authority agreement as well as local laws and “best practice”.


This usually involves auditing an agreed number of underwriting and claims files and conducting a number of audit trails. We review the company infrastructure, record keeping etc. We are well versed in adapting the Lloyd’s Audit Scope to suit local requirements and how they may impact on coverholders in different regulatory environments.


Third Party Administration Audits – As many companies outsource claims management we have developed a structured methodology to conduct an audit of local claims administrators.  We work with clients to agree the Terms of Reference for these audits. For Lloyd’s Managing Agents we can utilise the Lloyd’s Audit Scope if required and adapt for local market conditions.  


Pre-Coverholder Status Reviews – This type of review is designed to assist underwriters with assessing a possible book of business and organisation, prior to deciding whether to grant binding authority. It can operate as a type of ‘due diligence’ before commencing a new business relationship. 


Run-Off Audits – Supervision and assistance to ensure an orderly run-off of a binding authority agreement takes place. These audits can be customised to address any specific issues or concerns.


General Services­ - Our products, services, experience and reputation within the industry mean that we are well placed to advise London based underwriters on business, financial, legal and compliance/regulatory issues relating to their coverholders.


We are also experienced in auditing in New Zealand, India, Hong Kong and Singapore and can provide services throughout Asia and the Pacific.


Our experience in conducting numerous coverholder, pre-coverholder, Run-Off and TPA audits for Lloyd’s syndicates and other insurers since 2001 means we understand the reporting and audit requirements of Managing Agents/Insurers and the challenges faced due to increased regulation by the various regulatory bodies.


GSI is experienced in carrying out remote auditing to cost effectively provide additional value to companies across the Asia-Pacific region.

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