The implementation plan can be defined at a high level as a document/set of documents that demonstrate good organisation and control of the change programme to meet Solvency II requirements. The degree of complexity and detail required will depend on the scope and complexity of the changes being delivered, as well as the size of the syndicate and/or agent.
To assist the market in preparing implementation plans Lloyd's issued guidance and templates in November 2009. As a minimum, Lloyd’s requires agents' implementation plans to cover the following areas:
- programme structure and governance, including details of how progress will be monitored
- overall programme plan
- specific workstream/project plans showing tasks, dates and responsibilities
- delivery timetable for 2010, 2011 and 2012
- resource and budget implications
- evidence that gaps identified in the gap analysis have been addressed together with any feedback received from Lloyd’s/FSA
Managing agents should also ensure that they consider the requirements laid down in the dry-run requirements document.
