Control Framework Breakfast Group agenda 9:00 Arrival, Breakfast & networking 9:20 Welcome and The “gold star awards” - Ali Dove 9:25 Delegated authorities update - Sarah Thacker 9:45 Phase II: risk assessment, data flow - Jaana rouvari and next steps to launch 10:05 Broker engagement - John Hibbert 10:15 Q & A - All 10:30 Close
Control Framework. Breakfast Group agenda. 9:00Arrival, Breakfast & networking 9:20 Welcome and The “gold star awards ”- Ali Dove 9:25Delegated authorities update- Sarah Thacker 9:45Phase II: risk assessment, data flow - Jaana rouvari and next steps to launch - PowerPoint PPT Presentation
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Control Framework
Breakfast Groupagenda
9:00 Arrival, Breakfast & networking
9:20 Welcome and The “gold star awards” - Ali Dove
9:25 Delegated authorities update - Sarah Thacker
9:45 Phase II: risk assessment, data flow - Jaana rouvariand next steps to launch
► Representatives from DUC, BACG, BOLT, DUM, Lloyd’s country managers and Xchanging were consulted
► Stakeholders were told that there had been a request to mandate the reporting standards in a response to the proposed roll-out of the control framework to coverholders
► Stakeholders were asked if they thought the reporting standards should be mandated on coverholders because of the control framework
► They were also asked for general comments around mandating the reporting standards on coverholders
► Market project with reps from DUC, DUM, BACG, BOLT and Lloyd’s:- Charles Rowley, Steve Hart, Patricia Beaton, Dan Lott, Ian Whitehead and Sarah Thacker
► Scope is currently being reviewed
► Plan for draft in summer and final version in autumn
► This will be followed by training/education for auditors
Education ► Application process could be amended, for example, coverholders could be asked to complete Crystal Assist
► Coverholder Toolkit includes information about data and reporting which can be enhanced when next updated
► Information can be put in Delegated Authorities Area on Lloyd’s web pages
► Promote use of Crystal and Risk Locator Tool at coverholder events
15
Control Framework
phase ii Update
Coverholder risk assessmentData flow and controlsNext steps to launchFuture meetings
Control Framework
Coverholder risk assessment
Complexity of business written Nature of operations
Binding Authority- Single or multiple
territories
Principal Regional Complexity
Lines of Business Premium written
Coverholder Resources and
information provided
Historic Issues
Use of Lloyd’s Tools
Use of Lloyd’s coverholder
reporting standards
Control Framework
Dataflow and controls
Coverholder
TPA
Broker
XIS
XCS
Lloyd’s
Managing agent
Data is captured/ manipulated/ held
Premium
Claims
A/S
ECF
Premium
Claims
Premium
Claims
Information
Lloyd’s Coverholder
reporting standards
Lloyd’s Control
Framework ‘Green Book’
Control Framework
Purpose:To ensure required information is provided for premium and claims processing purposes
Purpose:To ensure tax and regulatory information at source meets the minimum requirements and is of good quality
Control Framework
Next steps to launch of phase ii
Lessons learnt
Phase II communications
approach
Delegated Authorities
engaged
Tool kit & market group consultation
Control Framework
Next steps to launch of phase ii
Finalise Lloyd’s tool kit:
Phase II road map Coverholder risk assessment guidance notes Data items spreadsheet adapted for phase II Broker/ coverholder leaflet Control Framework Standard presentation for phase II ‘Board’ sign-off wording Phase II FAQs Guidance on what good looks like
Look for these @ lloyds.com/controlframework in July
Control Framework
Next step to launch of phase ii Your contacts for phase II
Scheduled meetings for phase II Initial 1-2-1 meetings within the first 3 months Follow up meetings on request
Regular status reports from managing agents
The LAUNCH event
Control Framework
Future meetings
From July..
Project updateDelegated Authorities updateBroker engagement updateManaging agent/ broker/ other
presentation
Control Framework
Update on broker engagementJohn Hibbert
Control Framework
Progress so farLIIBA endorsement of project frameworkIndividual broker meetings undertaken
• Millers• Towers Watson• Willis• Cooper Gay• Crispin Speers• Integro• Decus• THB• Bell and Clements
Control Framework
Next stepsEstablish broker working group
• LIIBA and BIBA membersPresent to BOLT meeting 2nd JulyCommunicate to the wider broking