Timetable and Communications

In response to feedback, Lloyd’s is introducing a phased approach to reviewing 2020 Business Plan and Capital submissions. Each syndicate will be given a specified return submission dates based on capital structure. Extensions will not be granted.

Where first submission Syndicate Business Forecasts (SBF) and Lloyd’s Capital Requirements (LCR) returns are in line with market messages and correctly address strategic business discussion feedback, Lloyd’s will commit to approving plans in four weeks. Where a resubmission of the SBF or LCR is required, or more information is requested from syndicates on capital figures, syndicates will have one week to resubmit the return and Lloyd’s will meet a six-week approval window.

Where more than one resubmission of the SBF or LCR or more than one capital information request is required, Lloyd’s will not commit to an approval window and additional resubmissions will be considered at the end of the process. All submissions, must be signed off by the managing agent Board, so syndicates should consider any impact on internal governance processes and deadlines.