Lloyd’s is continuing its phased approach to reviewing Business Plan and Capital submissions for the 2023 YOA.
Each syndicate has been given specified return submission dates based on their capital structure. Extensions will not be granted.
As part of the decision-making process, CPG will consider the overall capability and compliance of each managing agent. A risk-based approach will be taken for review and decision making, with all High Touch syndicates for business planning requiring a more detailed review ahead of being presented to the CPG for final approval. Light Touch syndicates will follow a `File and Use` approach for business planning in line with the agreed framework. Additionally, this year Standard syndicates which meet the pre-agreed criteria and submit plans that are Logical, Realistic and Achievable, will be eligible for a ‘Fast Track` approach.
Syndicates can be escalated to CPG at any point where concerns exist.