Presentation on theme: "Control Framework Breakfast Group agenda 9:00Arrival, Breakfast & networkingAll 9:20 WelcomeAli Dove 9:25Direct Reporting DemonstrationSharmi Bakrania."— Presentation transcript:
Control Framework Breakfast Group agenda 9:00Arrival, Breakfast & networkingAll 9:20 WelcomeAli Dove 9:25Direct Reporting DemonstrationSharmi Bakrania 9:50Phase 2 Control Framework UpdateJaana Rouvari & John Hibbert 10:20Q & A All 10:30Close Ali Dove
DIRECT REPORTING Direct reporting RECAP What is it ? A process that enables Managing Agents to report regulatory & tax information directly to Lloyd’s for Service Company business Data is at a transactional level as opposed to reporting information being derived from the bureau accounting process Breaks the link between accounting and reporting (on cash)
CLARITY OF SCOPE In Scope 100% business – where an insurer underwrites the whole risk. ‘Separate’ subscription business - where an insurer underwrites part of a risk using a separate insurance document to other insurers which underwrite that risk. Out of Scope ‘Conventional’ subscription business - where all underwriters underwriting part of a risk use the same market reform contract for subscription. DIRECT REPORTING
CURRENT STATUS 4 Solution is now complete in final stages of testing Met with all bar one Managing Agent – 3 should be live by year end Confirming with those interested to go live on 1/1/14 Meeting with IT suppliers DIRECT REPORTING
KEY ELEMENTS - REMINDER Service Company business Include all Territories ACORD standard XML message Offer reporting service to all managing agents via Core Market Return route DIRECT REPORTING
What Do I need TO DIRECT REPORT? www.lloyds.com/directreporting DIRECT REPORTING Direct Reporting Data Requirements Direct Reporting Gap Analysis Spreadsheet Direct Reporting Data Model Direct Reporting Roadmap
Control Framework Who have we seen? Millers Julian Sawyer CSWHLes Doel IntergroDan Lott DecusJohn Harris AJGPhil Branch WillisJohn Higgs TysersDavid Green AonSimon Archer/ Tony Rhoades EndeavourRobert Campbell Towers WatsonGeoff Davies Cooper GayRod Joyce THBCatherine Nicoll Bell & ClementsGraham Lindus CSPStephen Bryant AonBenfieldEmma Syrett LocktonIan Derry
Control Framework Questions that were raised Q. Why is the DA not involving this in Coverholders audits? -This is happening. New CF-specific audit questions are being introduced into the Coverholder audit scope. Q. Coverholders will be audited anyway over the next couple of years – is this not enough? -This covers part of it, but we need to look at the controls in place through out the information chain. Q. Are MAs “starting again” with third party coverholders? The distribution model is the same as with service companies- won’t the systems already be there? -Many are confident that the data is there, it is just the case of evidencing this. Q. Have the responsibilities of leads and follows been considered? -Yes this has certainly come into the mix. However as far as the regulators are concerned, there is no difference between them. Q. Are TPAs part of this initiative? -Yes TPAs are considered within the CF.
Control Framework In summary A common issue is that Managing Agents ask for data even though it has already been provided by the Broker. The first option has to be to look internally rather than going straight to the Broker. Lloyd’s needs to give guidance so that is a consistent approach from Managing Agents. It is essential for Managing Agents and Brokers to work together towards an agreed approach. This project should be very helpful for Brokers in that it will address data consistency. CONSISTENCY IS THE KEY
Your consent to our cookies if you continue to use this website.