Managing agents should have governance structures and internal risk management and control frameworks in place which align to Solvency II requirements, enable sound and prudent management of the business and support delivery of the business strategy.
To support this, managing agents should:
Manage a suitable Board and committee structure which enables well informed, timely and accountable decision making
Operate a strong risk and control environment which allows for appropriate challenge
Maintain appropriate oversight of operational processes for effective management of the business
Employ and develop people with appropriate skillsets and ensure the business is appropriately resourced
Ensure decision making is supported by appropriate data and qualitative assessment
Maintain reporting, including all financial reporting, of a high quality and submit all reports in a timely, accurate and complete manner to Lloyd’s and to applicable regulators
The Maturity Matrix for Governance, Risk Management and Reporting is available within the Principles and Maturity Matrix document, which can be found on our Principles for doing business at Lloyd’s page.
Access Principles and Maturity Matrix document