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Market oversight

Lloyd’s Oversight Framework

Lloyd’s Oversight Framework creates an efficient and joined-up approach to provide the conditions for the best businesses to thrive and drive decisive interventions for underperforming businesses.

The Oversight Framework:

  • Ensures focus on the oversight outcomes we seek to achieve;
  • Provides a way of differentiating managing agent approaches based on their materiality;  
  • Allows managing agent senior management to interpret and apply Lloyd’s expectations in the way most appropriate to their business;   
  • Provides clarity, transparency and efficiency across the market for all participants;
  • Is resilient to change over time by focusing on principles and outcomes, rather than prescriptive rules; 
  • Focuses on the most important key areas of operating at Lloyd’s.

The Lloyd’s Oversight Framework has three interlinking elements that work together to support more differentiated and impactful oversight

Principles for doing business at Lloyd’s

The Principles articulate the fundamental responsibilities expected of all managing agents in order to support the market’s overall performance, capital strength, financial and reputational credibility. The suite of 13 Principles are outcomes based and allow for more differentiation according to syndicate materiality. These are the basis against which we view and categorise all syndicates and managing agents in terms of both their capability and performance.

Principles Board Attestation Guidance

The Principles Board Attestation is an annual process, providing a formal opportunity to share and agree Principle and sub-principle ratings between managing agents and Lloyd’s. Lloyd’s requires managing agents to conduct an exercise to assess themselves against the Principles and provide supporting rationale.

Market Oversight Plan 2024

This oversight plan is to provide managing agents with a summary of the Corporation’s view of the key risks facing the market in 2024.

Useful information