Insight and Intelligence on the London & International Insurance Markets 24 Apr 2018

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Lloyd’s brings cyber supervision in line with PRA

  • Catrin Shi 20 December 2017
  • Lloyd's is aligning its supervisory approach to underwriting cyber risk with that of UK watchdog the Prudential Regulation Authority (PRA) in order to remove duplication.

    In a market bulletin today, director of performance management Jon Hancock said the change would allow managing agents to follow a single set of standards and therefore reduce the reporting burden.

    Managing agents are being asked to attest on behalf of each syndicate that they are compliant with the PRA's supervisory statement SS4/17, which outlines...

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