Data quality

Principle

 There are effective systems for the recording and reporting of underwriting-related data to management and Lloyd's.

Minimum standards 

 The managing agent should have the necessary management information to determine whether it is meeting its strategic plan, budgets and forecasts.
View guidance on management information.
 
The managing agent should have systems and processes in place to produce timely and accurate returns to the board and ultimately to Lloyd's in the required format.
View guidance on timely and accurate returns.
The managing agent should have systems and processes in place to ensure the appropriateness, completeness and accuracy of management information.
View guidance on oversight of data, analysis and reporting processes.

For the avoidance of doubt, the Franchise Board will use performance management data gathered from managing agents for the purposes of effective and efficient prudential supervision but it will not use such data for the purposes of instructing managing agents as to the pricing of individual risks in any given instance.
Last updated on 12 Nov 2008