The panel approved the previous minutes and noted competition law compliance. Updates were shared on recovery of competition fines from directors, referencing German and UK cases where fines imposed for public policy reasons could not be passed to directors or insurers. Discussions covered Lloyd’s updates on US engagement, risk code proposals and AI scenario planning. The need for market education and clearer TL risk codes was noted. Operational Resilience clauses were discussed, with guidance in development. Profit commission clauses were highlighted, with plans for an LMA session. Members agreed to move future meeting times to improve attendance.