Lloyd’s requires that managing agents have effective systems and controls over each managed syndicate’s underwriting, ensuring that a representative range of risks underwritten by the syndicate is reviewed and assessed regularly by an appropriately qualified individual who is independent of the underwriter of those risks.
The role of the Independent Reviewer is to provide the managing agent’s board and management with regular (at least quarterly) reports to provide independent assurance as to the extent to which the syndicate’s strategies and pricing/underwriting policies are being applied correctly and consistently based on the review of a selection of risks written recently by the underwriters.
Consent form
oversight.framework@lloyds.com