Lloyd's of London to set out changes to minimum standards in 2022
January 28, 2022
Going forward into 2022 Lloyd's will make significant changes to their Oversight Framework, resulting in a more efficient and integrated strategy that will allow the best firms to thrive while also encouraging positive actions for those who are underperforming.
The Change Begins
2022 is set to see a new element of the Lloyds Oversight report called the ‘13 Principles for Doing Business’ which has been highlighted as a key change. The principles feature the basic tasks that all managing agents are expected to fulfil in order to support the capital strength, financial, reputational credibility and overall performance in the existing market. The Principles are backed up with a Maturity Matrix that provides a clear outline of what is required.
In order for the key stakeholders to become familiar with the new framework, Lloyd’s have distributed a strategy to gradually introduce this as businesses need to gain clear visibility and understanding of the new element of the framework. Their plan consists of asking management to submit their "best efforts" self-assessment against the new Principles by the end of April 2022. Although the self-assessment will not require official Board approval, it is expected to be discussed as part of the introduction process. The gradual rollout will allow room for improvement and feedback from stakeholders in order for it to be collaboratively successful.
Download The New Lloyds Self-Assessment Guidance
Lloyds of London have published a self - assessment guidance document and template to aid stakeholders with the changes that will be expected for the coming year.
ViClarity assists compliance with Lloyds minimum standards:
ViClarity works together with a number of Lloyd’s Managing Agents in order to help them automate compliance frameworks to comply with the Lloyds Minimum Standards. Our compliance tool allows organisations to save, on average, 60% of their time
which has proven to be a valuable aspect of ViClarity’s software solution.
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