1. Every managing agent shall each year prepare and submit to the Council a business plan relating to each syndicate managed (or to be managed) by it (other than a run-off syndicate) setting out –
(a) the parameters within which the managing agent will carry out underwriting on behalf of that syndicate; and
(b) information relating to any association or current or proposed underwriting transaction which may give rise to a conflict of interest including a transaction where a counterparty or an intermediary is or will be a member of the managing agent’s own group and a statement confirming that it has systems and controls in place for managing any such conflicts of interest fairly in accordance with applicable Lloyd’s and FSA requirements. The managing agent shall make this information and statement available to the members of the relevant syndicate (or to their members’ agents).
Underwriting Byelaw, paragraph 14A
2. The Council may prescribe requirements for business plans which may include –
(a) the period or periods to which each plan is to relate;
(b) the format and content of each plan;
(c) the methods and assumptions to be used in the preparation of each plan and the definition of “group”;
(d) the date or dates on which each plan is to be submitted to the Council; and
(e) in respect of a syndicate designated by the Council as a ‘syndicate in a box’ when permission to manage that syndicate was granted or regranted, such parameters within which the managing agent must carry out underwriting if the managing agent’s permission to manage that syndicate is not to be withdrawn in accordance with paragraph 1.(e) in Underwriting: Withdrawal of permissions.
Underwriting Byelaw, paragraph 14B
3. A managing agent may at any time submit a request to the Council to amend an agreed business plan relating to a syndicate managed by it. The Council may prescribe requirements for requests to amend an agreed business plan which may include the format of requests.
Underwriting Byelaw, paragraph 15
4. The Council may at any time direct or require a managing agent to submit such further information, explanation or justification in connection with a business plan, an agreed business plan or a request to amend an agreed business plan as the Council may specify. The Council may at any time direct or require a managing agent to submit such further information, explanation or justification in connection with a business plan, an agreed business plan or a request to amend an agreed business plan as the Council may specify.
Underwriting Byelaw, paragraph 16
5. The Council may –
(a) agree to a business plan or to a request to amend to an agreed business plan;
(b) reject a business plan and require a managing agent to submit a new or revised business plan within such period as the Council may specify;
(c) reject a request to amend an agreed business plan;
(d) withdraw its agreement to an agreed business plan and require a managing agent to submit a new or revised business plan within such period as the Council may specify.
Underwriting Byelaw, paragraph 17
6. The Council shall not agree to a business plan or to a request to amend an agreed business plan unless the managing agent has demonstrated to the Council’s satisfaction that the business plan or the request to amend the agreed business plan is appropriate and justifiable having regard to the performance and capabilities of the managing agent in question and such other criteria as the Council may from time to time prescribe.
Underwriting Byelaw, paragraph 18
7. 19. Every managing agent shall keep under review the appropriateness of the agreed business plans relating to each syndicate managed by it.
Underwriting Byelaw, paragraph 19