The Committee is very concerned that progress on USF has stalled and does not appear to have sufficient profile or urgency within Lloyd’s to deliver on this important topic. It should also be highlighted and raised as a vulnerability in managing agent’s own self-assessments more prominently than it is currently.

Lloyd’s will produce a brief recovery strategy for their complaints system for managing agents that have the API connection to Caresmart.

An overview of the self-assessment report findings was provided by Lloyd’s, individual reports/letters are going out to relevant contacts at all managing agents this week.

Lloyd’s is developing a new OpRes scenario library resource that will be shared via the Insights Hub and launched at the MWSE in November.  

Lloyd’s is also consulting on a new incident reporting requirement for Tier 1/Advanced managing agents under PBO 12.