The Political Risks, Credit & Financial Contingencies Business Panel reviewed progress on Lloyd’s RDS framework, noting delays in consultant onboarding but confirming new risk codes for 2026. Updates on the CRD/Basel project highlighted ongoing regulatory engagement and the need for political sponsorship to reduce LGD percentages. The PRI “Lessons Learnt” working party were working to produce an advanced modular policy wording, with plans for broker and client consultation. Members received a summary of the Russian aircraft judgement, discussing implications for war loss definitions and political risk coverage. The Non-Marine Committee addressed the RITC clause (LMA 5326-A), emphasizing forthcoming guidance for managing agents. NKF event planning continued, with calls for sponsorship and speaker suggestions. Training opportunities in trade credit and credit facilities were promoted, and panel membership criteria were clarified.