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Audit Information

Lloyd’s and the FSA demand that an effective and responsible audit programme is in place to audit Lloyd’s coverholders routinely and non-routinely to ensure compliance with all regulatory byelaws.

Audits of coverholders led by Kiln are carried out by firms who specialise in the Lloyd’s market. They review the financial, regulatory, operational and competitive health of a coverholder, in order to identify any problems. As well as serving as a free ‘health check’ for coverholders, this review also protects Kiln and its supporting markets from the adverse impact of any non-compliance.

The outcome of an audit is shared with other Lloyd’s market participants who have a contractual interest in that coverholder wherever possible to minimise disruption to coverholders. However, the content of the audit reports is securely and confidentially held by Kiln and by Lloyd’s in their repository system, Atlas. Atlas limits content access to Kiln, following subscribing syndicates (if relevant), the coverholder, the broker and the Corporation of Lloyd's only.