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Status: You are viewing the version of the handbook as on 2005-06-30.

LLD 15 Annex 3 Statement by the Lloyd's actuary (see LLD 15.9.1R(2))

LLD 15 Annex 3R


The statement required by LLD 15.9.1 R (2) must be prepared and signed by the Lloyd's actuary, and must:


state whether, for every syndicate year in which members carry on general insurance business either:


the syndicate actuary has provided an unqualified opinion, which:


is in a form conforming to guidance from the actuarial bodies; and


confirms that the technical provisions set by the managing agent are at least equal to the syndicate actuary's best estimate; or


the Lloyd's actuary has set the technical provisions (both gross and net of reinsurance recoveries); and


describe any source of uncertainty in the liabilities covered by the technical provisions, which in his opinion is material to the Society as a whole:


which any syndicate actuary mentions in his opinion; or


which affects any syndicate year for which the Lloyd's actuary has set the technical provisions.


If the Lloyd's actuary has set the technical provisions for any syndicate year, the statement must include an opinion covering those technical provisions, which:


confirms that they are at least equal to his best estimate; and


is in a form conforming to guidance for syndicate actuaries from the actuarial bodies, modified to show:


that he is retained by the Society and not the managing agent;


that he, and not the managing agent, set the technical provisions; and


separately, the technical provisions of each syndicate year covered.


If the Lloyd's actuary considers it necessary, such qualification, amplification or explanation as may be appropriate must be added to the statement.