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Market Oversight

Lloyd’s has made fundamental changes to the Oversight Framework to create a more efficient and joined-up approach to provide the conditions for the best businesses to thrive and drive decisive interventions for underperforming businesses. 

These changes will ;

  • allow more focus on the oversight outcomes we seek to achieve, as opposed to the processes conducted; 
  • provide a way of differentiating managing agent approaches based on their materiality;   
  • allow managing agent senior management to interpret and apply Lloyd’s expectations in the way most appropriate to their business;    
  • create clarity, transparency and efficiency across the market for all participants; 
  • be resilient to change over time by moving away from prescriptive detail;  
  • focus on the most important key areas of operating at Lloyd’s. 

Lloyd’s Oversight Framework

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 replace the minimum standards and are the basis against which we view and categorise all syndicates and managing agents in terms of both their capability and performance.   

Self-assessment Guidance and Template

As part of the "soft launch" of the new framework the market is not required to submit the usual minimum standard attestation in 2022. However, Lloyd's are requesting a "best efforts" self-assessment from managing agents against the new Principles by the end of April 2022.

Market Oversight Plan 2022

This oversight plan is to provide managing agents with a summary of the Corporation’s view of the key risks facing the market in 2022.  

Useful information