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.
In 2022 managing agents were asked to submit a “self-assessment” on a "best efforts" basis. In 2023 we will return to an “Attestation” process, requiring Board sign-off. This signifies the Principles being fully embedded across the market and within the Corporation.
Lloyd’s expects managing agents to maintain a robust process to support the statements made in the Attestation. Managing agents should conduct an exercise to assess themselves against the Principles, taking into account not only a qualitative view but also what quantitative data is available to support the assessment. Boards and senior management will need to engage with the Principles and the outcomes that they set out to achieve.
More information on the Principles Board Attestation process for 2023 and examples of appropriate outcomes-focused commentary can be found below.