Solvency II - Lloyd's

This form should be completed for direct business only. It will be required for all reporting years combined
and on an annual basis.
The sum insured relates to each individual underwriting risk, only looking at the main coverage of the policy
per line of business, and means the highest amount that the insurer can be obliged to pay out. This means:
� For instance, if the sum insured of the additional cover for theft is lower than the sum insured of the main
cover for fire and other damage (both belonging to the same line of business), the highest sum insured
must be taken.
� A policy cover comprising a number of buildings must be broken down.
� An overall cover which can’t be seen as a single underwriting risk must be broken down.
� If the risk has been accepted on a co-insurance basis, the insured sum indicates the maximum liability of
the syndicate.
� In case of joint liability through co-insurance, the part belonging to a defaulting co-insurer must be
included in the sum insured as well.
Line of business: These are based on Solvency II lines of business, however not all lines are required to be
reported and details of the reporting requirements are detailed below:
� Lines of business that are compulsory
o Other motor insurance
o Marine, aviation and transport insurance
o Fire & other damage
o Credit & suretyship insurance
� Lines of business that are compulsory at the discretion of the FSA
o Medical expenses insurance
o Income protection insurance
o Worker’s compensation insurance
o Miscellaneous financial loss
� Lines of business where the underwriting risk profile are not applicable
o Motor vehicle liability insurance
o General liability insurance
o Legal expenses insurance
o Assistance
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