Lloyd's Minimum Standards

LLOYD'S MINIMUM STANDARDS

To review the full guidance, copy and paste this web link:

https://www.lloyds.com/the-market/operating-at-lloyds/lloyds-minimum-standards

(nb: not directly connected)

 

Lloyd's introduced Minimum Standards following the 1993 introduction of Corporate Capital as part of the successful rasing of standards or management of Underwriting.

Lloyd's states:  

The minimum standards are statements of business conduct which managing agents are expected to comply with to operate at Lloyd’s.

 

These Standards provide a good benchmark for all insurance underwriting whether at Lloyd's or in the Company market and they inform the basis of riskscheck's review operations.  

 

They provide a good benchmark wherever operations are based; they can be applied worldwide not merely in the London market.

 

These are the areas covered by Lloyd's Standards (nb: these are not linked but can be accessed via LLoyds.com):

 

Underwriting Strategy and Planning

Underwriting and Controls

Delegated Authority

Pricing and Rate Monitoring

Exposure Management

Reinsurance

Underwriting Data Quality

Claims Management

Governance

Risk Management

Scope, Change and Use

Modelling, Design and Implementation

Validation

Investment Management

Reserving

Regulatory

Conduct

 

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