During 2021, Lloyd’s has introduced significant change to the Lloyd’s oversight framework which will create a more efficient and joined-up approach, providing the conditions for the best businesses to thrive and driving decisive interventions for underperforming businesses.
A key element of the new framework is the Lloyd’s Principles for Doing Business (“the Principles”). The suite of 13 Principles replace the minimum standards and allow for more differentiation according to syndicate materiality. They are the basis against which Lloyd’s will view and categorise all syndicates and managing agents in terms of both their capability and performance.
As the Principles are replacing the current minimum standards, the usual minimum standards attestations will not be required in 2022. Instead a “best efforts” self-assessment from managing agents against the new Principles will be required by the end of April 2022.
More information on the self-assessment process for 2022 can be found in the self-assessment guidance document below.