The process by which a firm may obtain registration as a Lloyd’s broker.
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US, MEDICAL: 1. Seal of approval; evaluative process whereby a program of study or an institution is recognized by an external body as meeting certain predetermined standards. Accreditation may either be permanent or may be given for a specified period of time. 2. Related to hospitals, it means that a facility meets certain standards of quality. These standards are set by private, nationally recognized groups that check on the quality of care (staff and equipment) at health care facilities usually every 3 years. Accreditation can be awarded by two organizations: The Joint Commission (formerly known as Joint Commission of Accreditation of Health Care Organization [JCAHO] ) and the American Osteopathic Association (AOA). State or federal governments can recognize accreditation in lieu of, or as the basis for, licensure or other mandatory approvals. Also see certification.
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Process of registering an applicant as a Lloyd’s broker. Reaccreditation occurs after three years. Prior to applying to Lloyd’s a UK-based applicant must be authorised by the FSA. The new accreditation scheme allows overseas brokers to become accredited Lloyd’s brokers without having a UK-based registered company. Overseas applicants have to demonstrate that they meet FSA-equivalent requirements in the matters of insurance money segregation, solvency and professional indemnity insurance. There are also requirements for reporting, monitoring, complaints handling, training and competence and codes of practice, all of which may take account of local requirements.