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Lloyd’s has set out guidance and key principles surrounding the setting of capital for syndicates.
Capital & Reserving
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 here and MS12 Scope, Change and Use. Templates are also provided for reporting to Lloyd's.
Lloyd's standard formula template and guidance sets out the SII regulatory calculation of SCR.