Lloyd’s has set out guidance and key principles surrounding the setting of capital for syndicates.
Internal Model SCR
Internal Model SCR is a dedicated quantitative review of syndicate models and outputs as a key input to the LIM.
Focuses on ensuring syndicate models produce an appropriately calibrated SCR and that models are demonstrably compliant with the relevant tests and standards of the Directive.
Model Change reporting requirements are detailed in the guidance. Templates are also provided for reporting to Lloyd's.
Standard Formula SCR
Lloyd's standard formula template and guidance sets out the SII regulatory calculation of SCR.
Requirements for New Entrants
Requirements around capital setting are different for new syndicates, which need to build their own internal model in the first years.
Interim Head of Actuarial Oversight, Market Reserving and Capital+44 (0)20 7327 5244 email@example.com
Interim Senior Manager of Syndicate Capital, Market Reserving and Capital+44 (0)20 7327 6188 firstname.lastname@example.org