What Lloyd's of London Governance Framework 2023 - Syndicate Oversight, Managing Agent Obligations and Market Reform Blueprint requires
This framework mandates that all Lloyd's managing agents establish and maintain robust governance, risk management, and internal control systems to ensure effective syndicate oversight and protect policyholders. Compliance with the Core Principles and detailed Minimum Standards, particularly those outlined in Section 2, is required to demonstrate sound and prudent management of the business.
Pillar: Banking & Global Finance · Authority: Lloyd's of London · Version: 1.0.0 · Last updated:
Primary source: https://www.lloyds.com/market-resources/market-oversight/principles-for-doing-business-at-lloyds/governance-risk-management-and-reporting
SHA-256 integrity: 35941f89d7ceb61134798f00aca7cff543c0aa63cfdf2e50bcadf5137440db34
Primary Citations — 7 traced to source
- Lloyd's Governance Framework, Core Principle 1: The managing agent is headed by an effective board which is collectively responsible for the sound and prudent management of the business.
- Lloyd's Governance Framework, Minimum Standard 2.1: Board Composition and Responsibilities
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