Regulatory business plan

Written plan prepared by the managing agent for each Lloyd’s syndicate and submitted to the Lloyd’s franchise board. The franchisor monitors approved plans against performance. The managing agents, as franchisees, must prepare an annual business plan in accordance with the longterm profitability target and the guidelines published by the franchisor. A syndicate business forecast must be attached to the business plan. Plans are also required by the FSA for insurance intermediaries.

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