The Political Risks, Credit & Financial Contingencies Business Panel received an update on Lloyd’s transition to a risk-based approach for credit and political risk, with a new RDS framework and working group established. Regulatory developments were reviewed, including ongoing efforts to secure LGD recognition for credit insurance in Europe. The PRI “Lessons Learnt” working party presented progress on the production of a new modular model wording to address coverage clarity. Members noted recent changes to oil price cap regulations and the introduction of the General Documentation Clause (LMA5670) for sanctions compliance. Updates were also provided on cyber requirements and the withdrawal of NMA2914/15 from the LWR, NKF events, and upcoming trade credit training opportunities.