Previous Solvency II Guidance

Lloyd’s letter dated 11 March, 2009 asked each managing agent to complete its own gap analysis and to submit it to Lloyd’s by 30 June 2009. To assist the market in developing their gap analysis and implementation plans, Lloyd’s published Guidance Notes and a Gap Analysis template, developed with input from the LMA.

Guidance notes

Gap analysis template 

The implementation plan can be defined at a high level as a document/set of documents that demonstrate good organisation and control of the change programme to meet Solvency II requirements. The degree of complexity and detail required will depend on the scope and complexity of the changes being delivered, as well as the size of the syndicate and/or agent.

To assist the market in preparing implementation plans Lloyd's issued guidance and templates in November 2009. As a minimum, Lloyd’s requires agents' implementation plans to cover the following areas:

• programme structure and governance, including details of how progress will be monitored
• overall programme plan
• specific workstream/project plans showing tasks, dates and responsibilities
• delivery timetable for 2010, 2011 and 2012
• resource and budget implications
• evidence that gaps identified in the gap analysis have been addressed together with any feedback received from Lloyd’s/FSA

Managing agents should also ensure that they consider the requirements laid down in the dry-run requirements document. 

Detailed guidance (September 2010)

High level guidance (July 2010)

Introduction

Section 1 - System of governance

Section 2 - Model scope, governance & use

Section 3 - Documentation

Section 4 - Statistical quality standards

Section 5 - Calibration, validation and profit & loss attribution

Section 6 - External models and data

Section 7 - Technical provisions

Section 8 - Supervisory reporting and disclosure

Section 9 - ORSA (updated Sep 2010)

High level guidance (November 2009)

Technical Provisions under Solvency II (July 2010) - latest version

Technical Provisions under Solvency II (March 2010)