Lloyd’s Minimum Standards are statements of business conduct which Lloyd’s Managing Agents are expected to comply with to operate at Lloyd’s. LMS can be mapped to a Risk & Control Matrix (RCM) – Example – Board Risk Governance, aligned with the internal control environment and incorporated into an internal audit program. LMS is also a useful tool for company market insurers, and their internal auditors, given its comprehensive reach and contemporaneous character (the current LMS were all updated in January 2021). In summary:
- MS1: Business Planning and Portfolio Management
- MS2: Underwriting and Controls
- MS3: Price and Rate Monitoring
- MS4: Governance
- MS5: Risk Management
- MS6: Exposure Management
- MS7: Reinsurance Management and Control
- MS8: Reserving
- MS9: Customer
- MS10: Regulatory
- MS11: Cyber Resilience and Data Management
- MS12: Scope, Change and Use [Internal Model]
- MS13: Modelling, Design and Implementation [Internal Model]
- MS14: Validation [Internal Model]
- MS15: Investment Management
The LMS can be viewed in full at https://www.lloyds.com/conducting-business/requirements-and-standards/minimum-standards/