The panel welcomed Lloyd’s representatives, who provided an update on the new oversight regime and upcoming changes to credit risk return processes and risk codes, aiming to align with modern credit products. Discussions covered simplification of model wordings for PRI and creating a modular wording suite for client flexibility. Updates on Basel developments and PRA timelines were noted, including engagement with European banks. Non-Marine Committee updates highlighted US market presence, AI loss scenario projects and regulatory developments in India. Members were invited to join the PRI working group and attend upcoming training sessions.