The Minimum Standards contain Requirements which represent the minimum level of performance required of any organisation within the Lloyd’s market to meet the Minimum Standards.

Within these documents the standards and supporting requirements are set out in the blue box at the beginning of each section. The remainder of each section consists of guidance which explains the standards and requirements in more detail and gives examples of approaches that managing agents may adopt to meet them.

The guidance is intended to provide reassurance to managing agents as to approaches which would certainly meet the Minimum Standards and comply with the requirements. However, it is appreciated that there are other options which could deliver performance at or above the minimum level and it is acceptable for managing agents to adopt alternative procedures provided they can demonstrate the requirements to meet the Minimum Standards.