“Performance Management – Supplemental Requirements and Guidance” consolidates and replaces a number of existing requirements and guidance which have previously been communicated to the market in Market Bulletins and emails.
It is intended to assist the market by providing a single point of reference for Lloyd’s supplemental performance management requirements. The document is updated on a regular basis to ensure that the requirements and guidance remain current and relevant.
Lloyd’s will continue to use Market Bulletins and emails to communicate with the market but, where appropriate, any supplemental requirements or guidance which relate to performance management will be consolidated into an updated version of this document.
Lloyd’s has consulted on the text of this document with the LMA before issuing it.
The requirements and guidance set out in this document are supplemental to Lloyd’s requirements as set out in Lloyd’s Byelaws and Minimum Standards. While this document includes requirements that are relevant to all parts of the work undertaken by the Performance Management Directorate, the requirements are primarily concerned with underwriting and business plan matters.
This document does not cover delegated authority requirements, which are addressed separately, including in the Code of Practice for Delegated Underwriting. This document also does not include requirements that are specific to compliance with the Lloyd’s annual timetable. These matters will continue to be dealt with in Market Bulletins.
A version of the "Performance Management - Supplemental Requirements and Guidance” which highlights the substantive changes from the last version of the document (issued in September 2014) can be downloaded by clicking on the link below. Note that this does not show a number of minor changes and corrections that are not intended to alter the requirements or guidance.
Market Bulletin Y5002 provides an explanation of the main changes made