Solvency II 2012 guidance notes

This guidance document provides further information for managing agents on the published 2012 timetable and the individual deliverables included. Lloyd's work in 2012 will focus on completion of the dry run project and the transition of Solvency II into business as usual ahead of the 2013 capital setting process.

The market level plan will focus mainly on quantitative submissions required together with thematic work on key areas of focus. The key objectives for 2012 are to ensure that:

1) Agents can evidence that remaining gaps against the tests and standards are closed.

2) Agents can evidence the adequacy of the one year SCR and "SCR to ultimate" to enable Lloyd's review to conclude that the SCRs may be used as the basis for member capital setting for 2013.

3) Agents can evidence that they have embedded Solvency II processes.

Deliverables due from agents have been split between those which are considered to be "project" deliverables and those which are deemed to be "business as usual". Project deliverables are those linked to evidencing implementation stages and are not expected to be required in a live Solvency II environment whereas business as usual submissions will be required on an ongoing basis. Agents should note however that the timing of any business as usual deliverables shown on the 2012 plan may be subject to change in future years.