In this [Performance management section of the Consolidated Requirements], the following abbreviations have been used:
ECA: Economic Capital Assessment
GWP Gross Written Premium
PMDR: Performance Monitoring Data Review
RDS: Realistic Disaster Scenario
RITC: Reinsurance to Close
SBF: Syndicate Business Forecast
SCR: Syndicate Capital Requirement
Other abbreviations are defined in the relevant section where they are used.
The uncontrolled writing of certain perils can present a material source of prudential risk for Lloyd’s. The ability for exposures to aggregate means that these perils have the potential to threaten the market’s financial position. Certain types of risks, if written, may also have a reputational impact on Lloyd’s. Accordingly, these perils, as specified in this section, cannot be written by managing agents, or can only be written if done so in line with the restrictions set out. Any managing agent that wishes to obtain an exemption from the requirements will require the separate agreement of Lloyd’s. Agreement to write these perils can be obtained through the syndicate business planning process.
Performance Management – Supplemental Requirements and Guidance, page 29