Principle
The managing agent has an effective process for challenging the annual business plan which itself forms part of the long-term plan for each managed syndicate.
Minimum standards
The managing agent can demonstrate that it has an effective process for:
- Developing, challenging and approving each managed syndicate's annual business plan.
View guidance on developing, challenging and approving the business plan
- Ensuring that the annual business plan is implemented, followed and kept under regular review.
View guidance on ensuring that the business plan is implemented and under constant review.
An effective process has the following features:
- the annual business plan and any amendments is approved by the board and its implementation and operation is under the day-to-day control of a nominated director(s).
- it ensures that the board actively tests the key assumptions and targets in the annual business plan, keeps the plan under review at least quarterly and approves any material amendment.
View guidance on ensuring that the business plan is effective.
View additional notes on underwriting planning and strategy.
