Lloyd's Valuation of Liabilities Rules
Lloyd's Valuation of Liabilities Rules provide guidance and clarification for actuaries preparing Statements of Actuarial Opinion (SAOs) on syndicate technical provisions for solvency. This includes sample opinion wordings.
The SAO process is co-ordinated by Market Reserving & Capital under the supervision of the Lloyd’s Actuary.
Please see the links to the documents on the right side. The documents are:
- 2013 Lloyd’s Valuation of Liabilities Rules. This includes sample wordings for opinions.
- A sample spreadsheet showing the link between the technical provisions opined on and Lloyd’s Return form 223 (QMA223).
- A document containing additional information that provides further clarification.
- Market Reserving & Capital have additionally collated data that may assist the evaluation and benchmarking of US Trust Fund liabilities. The download section opposite includes an excel spreadsheet containing the data. The file consists of triangles of signed premiums, paid claims and incurred claims by OECD class separately for the surplus lines and credit for reinsurance trust funds. Triangles for each Lloyd's syndicate have been aggregated to give the market level information. The data has been taken from Schedule P, parts 2-6.
- A document providing reserving guidance.
- A document providing a summary of the reserving guidance.
- Slides from the Lloyd's Reserving Forum on 8 July 2013.
- Slides from the Lloyd's Actuarial Seminar on 8 November 2013.
- Slides from the Signing Actuaries Forum on 5 December 2012.
- Advisory Note on Unallocated Loss Adjustment Expenses.
11. Advisory Note on Bad Debt.
12. Advisory Note on Lloyd’s US Opinions.
For queries on the Valuation of Liabilities Rules please contact us using the details provided on the right.
The submission date for the 2013 year-end Worldwide SAOs is 20 February 2014.
The accompanying reports are due on or before 31 March 2014. Hard copies to be sent to Jerome Kirk, Market Reserving & Capital, G5, Lloyd's, One Lime Street, EC3M 7HA. Additional electronic copies are strongly encouraged and should be submitted via email to SAOReports@lloyds.com.