Coverholders proposing to transact business from a territory other than that in which it is itself located will normally need Lloyd’s territorial extension approval.
An insurance intermediary established outside New Zealand may accept business from an insured or reinsured domiciled in New Zealand. A Lloyd’s coverholder will therefore need to obtain the appropriate territorial extension from the Lloyd’s Delegated Authorities team.
The Lloyd’s coverholder must ensure that a New Zealand risk is placed in accordance with Lloyd’s licensing position in New Zealand and that all relevant taxes and other applicable charges are paid.
For further information please see Market Bulletin Y4125 Coverholder approval: international requirements and Market Bulletin Y4998 Coverholder Regional Mapping Extension.