Crystal Search Results

Results for your quick search displayed by territory. You need to log in or register to see content marked by a padlock icon.

Please make sure you view all key information in your search results before accepting a risk in the chosen territory.

Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

Cyprus * Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations

Authorisation

Lloyd's

Insurance

Lloyd’s underwriters are authorised to write:

  • All classes of insurance, except motor liability from this territory on a freedom of services basis.
  • All classes of insurance except term life on an establishment basis.

NOTE: The information in this Crystal report relates to the section of the island that is under the control of the Government of the Republic of Cyprus. Lloyd’s underwriters’ authorisation for Cyprus does not include the north of Cyprus. Lloyd's underwriters are not permitted to write insurance or reinsurance business in or from the north of Cyprus. Similarly, this Crystal report does not relate to the UK Sovereign Base Areas of Akrotiri and Dhekelia, which are a British Overseas Territory.

Lloyd’s underwriters can accept insurance for the classes listed below, either on a freedom of services or establishment basis:

Last updated: 11 Aug 2017


Reinsurance

Lloyd's underwriters are permitted to write all classes of reinsurance business originating from this territory.
Last updated: 11 Aug 2017

Post-Brexit trading rights
Last updated: 29 Jan 2019


Definition of risk location

Lloyd's

A risk is a European Union or European Economic Area member state risk if it is:

Insurance

(a) A building (and its contents issued under the same policy) situated in that member state.

(b) A motor vehicle, ship, yacht or aircraft registered in that member state.

(c) A travel policy for four months or less taken out in that member state.

For any other type of insurance (including a life insurance) it is a risk of this member state if the insured is habitually resident in the member state or a business or an organisation if the establishment to which the contract relates is situated in that member state.

Reinsurance

A reinsurance of an insurer located in that member state.

Note: The definition of a Cypriot risk for 'premium tax' purposes is wider. Taxes and similar charges are imposed on insurance of Cypriot risks as defined above, and on any insurance of moveable property normally contained in a building in Cyprus (other than goods in commercial transit). This is the case even if a separate policy covers such contents for the account of a non-resident.

Last updated: 11 Aug 2017

Definition of Cyprus

The section of the island that is under the control of the Government of the Republic of Cyprus. It does not include the north of Cyprus or the UK Sovereign Base Areas of Akrotiri and Dhekelia.

For general guidance on identifying the location of a risk please refer to the risk locator. 

Last updated: 11 Aug 2017

Compulsory classes

Lloyd's

The following classes are compulsory in Cyprus: 

  • Third party liability for motor.
  • Aviation liability.
  • Employers' liability.
  • Professional liability of estate agents, lawyers and insurance intermediaries.
  • Buildings in common use with at least five units must be insured against fire, lightning and earthquake, plus any additional perils required by the management committee of the building.
  • Shipments of waste (or a financial guarantee).
  • Public liability for vessels licensed to carry more than 12 passengers in respect of injury to passengers and damage to their luggage, where the vessel is registered in Cyprus or is registered in another country and enters a port in Cyprus.
  • Medical treatment for foreign (non-EU) employees.
  • Clinical trials.
  • Public liability for oil pollution caused by certain vessels (under the Civil Liability Convention 1992 and Bunkers Convention 2001).
  • Crop insurance (provided under a government scheme by the Agricultural Insurance Organisation). 

When an insurer offers a product for a compulsory class of insurance, it must file the policy wording with the Insurance Companies Control Service. Any managing agent that intends to offer a product for a compulsory class must contact the Lloyd's Country Manager for Cyprus in the first instance.

Last updated: 11 Aug 2017

Distribution channels

Coverholder business

Lloyd's
Lloyd's requirements for a coverholder carrying on Cypriot business on behalf of a Lloyd's managing agent


Binding authority held by a coverholder based in Cyprus
Last updated: 11 Aug 2017

click for more detail More detail

Post-Brexit coverholder arrangements
Last updated: 16 Oct 2018

click for more detail More detail

Open market business

Lloyd's

The Open Market Correspondent (OMC) approval process does not apply in this territory.

The following must be noted.

Open market business via a Cypriot intermediary, dealing directly with Lloyd's or with a Lloyd’s broker

  • The intermediary does not require Lloyd’s approval or registration.
  • The intermediary must be a registered intermediary in Cyprus.
  • The intermediary's name, address and lines of business to be produced must be submitted to the Lloyd's General Representative for Cyprus. This requirement extends to providing this information in respect of all intermediaries included in the producer chain and is for commercial purposes.

Open market business via an intermediary outside Cyprus in the EEA, dealing with a Lloyd's broker

  • The intermediary does not require Lloyd’s approval or registration. However, it must operate in accordance with Cypriot law and regulation.
  • It must be a registered insurance intermediary in its home state.
  • It must have passporting approval for Cyprus if it is going to conduct insurance mediation activity in the territory.

Open market business via an intermediary outside Cyprus and outside the EEA, dealing directly with a Lloyd's broker

  • The intermediary does not require Lloyd’s approval or registration.
  • The intermediary must not engage in insurance mediation in Cyprus.
  • The intermediary must deal with customers in Cyprus only via an insurance intermediary that is either registered in Cyprus or registered in another EEA member state and with passporting authorisation for Cyprus.

Reinsurance

  • A reinsurance intermediary carrying on reinsurance mediation in Cyprus must be either registered there or have passporting approval for Cyprus.
Last updated: 11 Aug 2017

Intermediary regulation

Lloyd's

Insurance intermediaries are primarily regulated by the Law of Insurance Services and other related Issues of 2002.

(Re)insurance intermediaries are separated into five categories, which are explained below.

Last updated: 11 Aug 2017

click for more detail More detail

Insurance documentation

Insurance documents

Lloyd's

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 15 Feb 2019


Market Reform contract guidance

Lloyd's
This guidance on completing a Market Reform Contract (MRC) focuses on tax and regulatory checks.

It provides advice on completion of the Fiscal and Regulatory section, plus completion of headings in other sections relevant to fiscal and regulatory compliance.

This guidance relates to insurance (ie not reinsurance).
Last updated: 29 Oct 2014


Language of contract

Lloyd's


Last updated: 11 Aug 2017


Choice of law

Lloyd's
To meet contract certainty requirements, the insurance contract must contain a choice of law clause.
Last updated: 11 Aug 2017


Jurisdiction

Lloyd's

To meet contract certainty requirements, the insurance contract must contain a jurisdiction clause.

The Revised Brussels I Regulation 1215/2012/EU applies and determines the jurisdiction applicable.

Insurance of large risks: The underwriter can agree with the insured the jurisdiction that will apply to the contract.

Insurance of mass risks: In the event of a dispute, the rules in the Revised Brussels I Regulation determine the EU member state(s), in which a party can bring an action.

Reinsurance: The underwriter can agree with the reinsured the EU member state whose jurisdiction will apply to the contract.

Last updated: 11 Aug 2017


Service of suit

Lloyd's
Insurance

Establishment business:

It is mandatory to include a service of suit clause.

Lloyd's General Representative must be nominated for establishment policies.

Services business:

It is not mandatory to include a service of suit clause.

There is a standard service of suit clause LSW487 for use in Europe which is available on the Lloyd's Wordings Repository.

Reinsurance

There are no requirements for reinsurance business. 
Last updated: 11 Aug 2017


Representative(s)

Representative(s)

Lloyd's

Lloyd's Cyprus Limited
195 Archbishop Makarios III Avenue
PO Box 50613
3608 Limassol
Cyprus

Marianna Papadakis
Lloyd's Country Manager for Cyprus
Tel: +44 (0) 20 7327 6802
Fax: +44 (0) 20 7327 5255
Email: marianna.papadakis@lloyds.com

With effect from 1 September 2017 the address of Lloyd's Cyprus Ltd will be:
41-49, Agiou Nicolaou Street
Nimeli Court, Block C, 3rd Floor
2408 Engomi
Cyprus

Last updated: 11 Aug 2017