As Lloyd's is authorised in this territory, a Lloyd's underwriter can grant a binding authority permitting the writing of insurance and/or reinsurance to an insurance agent located in this country.
In order for an intermediary in Israel to become a Lloyd's coverholder, it must approach a Lloyd's sponsoring broker who will submit an application on the applicant's behalf to the Delegated Authorities department in Lloyd's on a prescribed form.
Following receipt of application a review process of several weeks takes place. The review is conducted by the Lloyd's Delegated Authorities department and the Lloyd's General Representative for Israel. The Lloyd’s General Representative will verify that all local regulatory requirements are adhered to and that a licence from the Commissioner of Insurance has been obtained.
Coverholder applicants must obtain a "licence to act in insurance as an authorised representative of Lloyd's underwriters" from the Israeli Commissioner of Insurance at the Ministry of Finance. The licence is limited to the specific class(es) of insurance which were approved by the Commissioner. It is the Commissioner's position only to grant a licence to those coverholders who can demonstrate that they have obtained a binding authority agreement from Lloyd's underwriters in the specific class in which they wish to be approved. Before a licence is granted by the Commissioner of Insurance the coverholder must deposit New Israeli Shekel (NIS) 150,000 with the Ministry of Finance.
Once this licence has been granted to the coverholder and subject to compliance with all other requirements, the applicant will be granted authority to bind business on behalf of Lloyd's underwriters.
For further information on the coverholder application process, please contact Lloyd's Delegated Authorities department on telephone +44 (0) 20 7327 6275 or access the Lloyd's Delegated Authority web pages.