The committee discussed legislative divergence between the UK and EU in relation to the Cyber Security and Resilience Bill and the proposed Ransom Attack Bill, highlighting potential implications for insurers. Stewart Room outlined opportunities to influence public policy. The group also addressed Russian credit defaults, including sanctions challenges and possible solutions via market-wide licensing. Updates were provided on a Delegated Authority Working Group and the NACHA agreement. Discussions continued on LMA sanctions clauses and compliance documentation. Additional items included Trump-related geopolitical risks, fraud charters and the impact of OFAC FAQs on insurance obligations.