The minimum standards are statements of business conduct which managing agents are expected to comply with to operate at Lloyd’s.
Managing Agents are subject to rolling oversight from Lloyd’s in line with the Minimum Standards for Delegated Authority. Every year a number of Managing Agents are selected for a full effectiveness review to take place to test that they are in compliance with the Minimum Standards. Beyond the full effectiveness reviews which take place, Lloyd’s utilises 6 monthly meetings with Managing Agents to perform targeted audits against the Minimum Standards and help deliver a consistent approach from Lloyd’s in the oversight of the market.
For more information to ensure the managing agents has effective systems and controls wherever underwriting authority has been delegated to another entity please click here.