LIO) Procedures Manual

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LIO PROCEDURES MANUAL
July 2010
Premise
Job Descriptions
Procedures
2
Premise
Job Descriptions
Procedures
3
 Premise
 Job Descriptions
 Procedures
The aim of the Lloyd’s Italian Office (hereafter LIO) Procedures Manual is collecting:
 Job Descriptions and
 Procedures
related to the main Office Divisions identifying:
 competent Managers’ key responsibilities and
 core processes’ operative and control activities.
Job Descriptions are to be considered as the top level of the organisational model detailed into
Procedures describing the Office processes.
4
Premise
Job Descriptions
Procedures
5
 Premise
 Job Descriptions
 Procedures
Office Manager & Events
General Manager
Regulatory & Compliance
Operations Support
Market Support
Financial Control
6
 Premise
 Job Descriptions
 Procedures
General Representative
Enrico Bertagna
General Manager
Filippo Dubini
PA to Enrico Bertagna
Barbara den Dubbelden
Office Manager & Events
Carola Pisani
Regulatory & Compliance
Nicoletta Andreotti
Operations Support
Giovanni Toniutti
Executive
Mauro
Carini
Market Support
Antonio Tomasone
Financial Control
Galliano Gioacchini
Executive
Silvia Ussi
Executive
Ilaria
Ferretti
Executive
Sabrina
Colzani
Executive
Francesca
Pomati
Executive
Cristina
Panigada
Executive
Francesca
Zuliani
Executive
Riccardo
Tronnolone
7
 Premise
 Job Descriptions
 Procedures
General Representative
Enrico Bertagna
PA to Enrico Bertagna
Barbara den Dubbelden
General Manager
Filippo Dubini
Relationships Management
Associations
Business Planning
Office Manager & Events
Carola Pisani
Market Development: Events,
Communication & Media, EU
projects
Office Management: Health &
Safety Law, Privacy Law, Law 231,
risk Management
Regulatory & Compliance
Nicoletta Andreotti
Operations Support
Giovanni Toniutti
General Counsel: Compliance,
Regulatory Affairs, Legal,
Litigations, Complaints
CH and OMC: training,
approval, data management
IT projects: development,
maintenance and assistance for
Mocha and other electronic
certificates/contracts issuing
systems
Information management: data
flows, reporting, analysis,
database management and
anagrafe tributaria
Market Support
Antonio Tomasone
Market services: public
tenders, policy checking and
signing, assistance and
advising
Market intelligence: Regional
Watch, Market Presentation,
Focus, Crystal
Financial Control
Galliano Gioacchini
HR: Payroll, Benefits,
Training, Insurances
Financial: Budget, general
accounting, suppliers
Flows: Premiums taxes
reporting and payment and
coinsurance claims handling
8
 Premise
 Job Descriptions
 Procedures
Office Manager & Events
General Manager
Regulatory & Compliance
Operations Support
Market Support
Financial Control
9
 Office Manager & Events
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
General Representative
General Manager
PA to General Representative
Office Manager & Events
Regulatory & Compliance
Operations Support
Financial Control
Market Support
10
 Office Manager & Events
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities
Office Manager & Events is responsible for:
•
•
•
•
•
•
•
supporting the General Representative in all office activities and EU projects;
supporting Divisional Managers;
managing events and marketing initiatives
Managing communication and media relations
managing employees health & safety issues
managing issues relating to privacy and 231 laws
managing BCP and BIA
11
 Office Manager & Events
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Main Internal Relations
Reports directly to the General Representative.
Cooperates with Divisional Managers.
Main External Relations
All Third Parties
Media
Consultants
12
 Premise
 Job Descriptions
 Procedures
Office Manager & Events
General Manager
Regulatory & Compliance
Operations Support
Market Support
Financial Control
13
 General Manager
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
General Representative
General Manager
PA to General Representative
Office Manager & Events
Regulatory & Compliance
Operations Support
Financial Control
Market Support
14
 General Manager
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities
General Manager is responsible for:
•
•
•
•
•
•
•
implementing the Lloyd’s strategy,
coordinating Divisional Managers;
overseeing the correct activities Development;
Market development;
evaluating Coverholders and Open Market Correspondents applications;
defending the inappropriate use of the Lloyd’s brand;
managing Human Resources (pro-tempore);
For more detailed responsibilities description, please refer to the specific Procedures in the
second part of “LIO Procedures Manual”.
15
 General Manager
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
General Manager
Regulatory & Compliance
Operations Support
Financial Control
Market Support
16
 Premise
 Job Descriptions
 Procedures
Office Manager & Events
General Manager
Regulatory & Compliance
Operations Support
Market Support
Financial Control
17
 Regulatory & Compliance
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
General Representative
General Manager
PA to General Representative
Office Manager & Events
Regulatory & Compliance
Operations Support
Financial Control
Market Support
18
 Regulatory & Compliance
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities
Regulatory & Compliance Manager is responsible for:
•
•
identifying and circulating any relevant legislative provisions to ensure regulatory
compliance;
coordinating the management of the following processes:
−
−
−
−
Anagrafe Tributaria
Complaints Management;
Legal Proceedings Management;
Coinsurance Claims Management
Coverholder and Open Market Correspondent applications
19
 Regulatory & Compliance
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities (cont'd)
Anagrafe Tributaria
Regulatory & Compliance Manager is responsible for preparing the statutory periodic
reporting to be submitted to the “Anagrafe Tributaria” in accordance with the Italian
Legislative Decree 223/06, art. 35 and for complying with any other relevant legislative
provision.
Complaints management
Regulatory & Compliance Manager is responsible for complying with “ISVAP Circolare
518/D” requirements in terms of managing complaints receipt and answering and is also
responsible for quarterly statutory reporting to ISVAP.
Legal Proceedings Management
Regulatory & Compliance Manager is required to act as a facilitator between the Lloyd’s
Managing Agents and the attorneys as regarding attorneys’ appointment and legal
proceedings.
20
 Regulatory & Compliance
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities (cont'd)
Coinsurance Claims Management
Regulatory & Compliance Manager is responsible for granting complete and timely
communication among the co-insurers participating in each Policy in order to facilitate funds
collection and claims settlement.
CH and OMC registrations
Regulatory & Compliance Manager is responsible for ensuring that support is given to the
General Manager in processing OMC and evaluation CH applications
For more detailed responsibilities description, please refer to the specific Procedures in the
second part of “LIO Procedures Manual”.
21
 Regulatory & Compliance
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Regulatory &
Compliance Manager
Regulatory & Compliance
Executive
Regulatory & Compliance
Executive
22
 Regulatory & Compliance
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Main Internal Relations
Reports directly to the General Manager.
Cooperates with Financial Control Division and the Lloyd's Distribution Network.
Main External Relations
Insured Parties.
ISVAP.
Outsourcers.
Legal advisors
Prospective & existing Coverholders and Open Market Correspondents.
23
 Premise
 Job Descriptions
 Procedures
Office Manager & Events
General Manager
Regulatory & Compliance
Operations Support
Market Support
Financial Control
24
 Operations support
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
General Representative
General Manager
PA to General Representative
Office Manager & Events
Regulatory & Compliance
Operations Support
Financial Control
Market Support
25
 Operations support
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities
Operations Support Manager is responsible for managing:
LIO hardware and software, as regarding:
• assets buying needs;
• Data Bases accessing and using.
Mocha, as regarding:
• opening new Binders;
• performing help desk activities.
Information management:
• Data flows, reporting and analysis
• Anagrafe Tributaria
For more detailed responsibilities description, please refer to the specific Procedures in the
second part of “LIO Procedures Manual”.
26
 Operation Support
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Main Internal Relations
Reports directly to the General Manager.
Cooperates with ITG (Corporation IT).
Main External Relations
Coverholders.
Lloyd’s Broker.
Managing Agents
27
 Premise
 Job Descriptions
 Procedures
Office Manager & Events
General Manager
Regulatory & Compliance
Operations Support
Market Support
Financial Control
28
 Market Support
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
General Representative
General Manager
PA to General Representative
Office Manager & Events
Regulatory & Compliance
Operations Support
Financial Control
Market Support
29
 Market Support
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities
Market Support Manager is responsible, for coordinating the management of the following
processes:
•
•
•
•
Public Tenders;
Policy Checking and Signing;
Contracts Cancellation.
Market Intelligence
Public Tenders
Market Support Manager is responsible for facilitating the Lloyd's Distribution Network in
participating in Italian Public Tenders through:
•
•
preparing and submitting bids to Public Body and
analysing, in case of contract awarding, related Cover Notes and Policies accuracy.
30
 Market Support
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities (cont'd)
Policy Checking and Signing
Market Support Manager is in charge of checking for accuracy the Open Market Policies before
committing Lloyd’s Underwriters through the General Representative signature.
Contracts Cancellation
Market Support Manager is also responsible for enabling timely policy cancellation as
requested by both Insured Parties and Underwriters.
For more detailed responsibilities description, please refer to the specific Procedures in the
second part of “LIO Procedures Manual”.
31
 Market Support
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Market Support
Market Support Executive
Market Support Executive
Market Support Executive
32
 Market Support
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Main Internal Relations
Reports directly to the General Manager.
Cooperates with the Lloyd's Distribution Network.
Main External Relations
Public Bodies as Public Tenders and related Brokers.
Insured Parties.
Managing Agents
33
 Premise
 Job Descriptions
 Procedures
Office Manager & Events
General Manager
Regulatory & Compliance
Operations Support
Market Support
Financial Control
34
 Financial Control
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
General Representative
General Manager
PA to General Representative
Office Manager & Events
Regulatory & Compliance
Operations Support
Financial Control
Market Support
35
 Financial Control
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities
Financial Control Manager is responsible for coordinating the management of the following
processes:
•
•
•
Premiums and Premium Taxes Cash Flow;
Financial Statement Preparation;
Cash Management
Premiums and Premium Taxes Cash Flow
Financial Control Manager is responsible for managing premiums receipt for “Freedom of
Establishment” policies only and for managing premium tax return submission and payment
for both “Freedom of Establishment” and “Freedom of Services“ policies in compliance with
the fiscal legislation applicable.
Financial Statement Preparation
Financial Control Manager is in charge of preparing, supported by the Outsourcer, the LIO
Financial Statement for tax payment purposes granting its correctness and accuracy.
36
 Financial Control
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Key Responsibilities (cont'd)
Cash Management
Financial Control Manager is responsible for managing bank accounts and petty cash in order
to guarantee that all payments and incomings be completely, accurately and timely recorded.
In addition to the above mentioned responsibilities, Financial Control Manager is responsible
for:
• supporting the General Representative in preparing the Budget;
• translating in Italian, for filing at the Italian Chamber of Commerce purposes, the
Corporation-related Lloyd’s Annual Report
• supporting the General Manager in HR management
• managing supplier relatioships
For more detailed responsibilities description, please refer to the specific Procedures in the
second part of “LIO Procedures Manual”.
37
 Financial Control
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Financial Control
Premiums Executive
Claims Executive
38
 Financial Control
 Organizational Chart
Responsibilities
 Number of EE Supervised
 Relations
Main Internal Relations
Reports directly to the General Manager.
Cooperates with the Lloyd's Distribution Network.
Main External Relations
Banks.
Outsourcers.
Suppliers.
39
Premise
Job Descriptions
Procedures
40
 Premise
 Job Descriptions
 Procedures
Roles Matrix
Legend
Regulatory & Compliance
Financial Control
Market Support
Operations Support
Brand & Information Management
Office Management & HR
41
 Premise
 Job Descriptions
 Procedures
Roles Matrix
Legend
Regulatory & Compliance
Financial Control
Market Support
Operations Support
Brand & Information management
Office Management & HR
42
 Roles Matrix
 Premise
 Job Descriptions
GR
Office
Manager
Anagrafe
Tributaria
 Procedures
General
Manager
Regulatory &
Compliance
Operations
Support
√
√
√
Complaints
Management
√
√
Legal
Proceedings
Management
√
√
Coinsurance
Claims
Management
√
Premiums and
Premium
Taxes Cash
Flow
Management
√
Budget
√
Financial
Control
PA to GR
√
√
√
√
Financial
Statement
Preparation
Cash
Management
Procedure
Market
Support
√
√
√
√
43
 Roles Matrix
 Premise
 Job Descriptions
GR
Public Tenders
Office
Manager
General
Manager
Regulatory &
Compliance
Operations
Support
√
Policies
Checking and
Signing
√
Contracts
Cancellation
Management
√
IT
Management
√
Market
Support
Financial
Control
PA to GR
√
√
√
Mocha
Management
√
√
√
√
√
√
√
CH & OMCs
√
Protection of
Lloyd’s Trade
Mark
√
Information
Management
 Procedures
√
√
√
√
√
√
√
√
44
 Roles Matrix
 Premise
 Job Descriptions
GR
Office
Manager
Privacy and
Safety
√
√
Human
Resources
Training and
Management
√
√
 Procedures
General
Manager
Regulatory &
Compliance
Operations
Support
Market
Support
Financial
Control
PA to GR
√
√
√
45
 Premise
 Job Descriptions
 Procedures
Roles Matrix
Legend
Regulatory & Compliance
Financial Control
Market Support
Operations Support
Brand & Information Management
Office Management & HR
46
 Legend
Activity owner
Activity
External input
XXXXXX
!
Activity to be implemented
Statutory
Document–back up paper evidence
Data Bases and Accounting/Management Systems
B
Control Activity (if red, control activity relevant ex Italian Legislative
Decree 231/2001)
Ref. to other procedures included in the Manual
Ref. to a specific paragraph included in the procedure
Outsourcers performing activities on behalf of LIO
47
 Premise
 Job Descriptions
 Procedures
Roles Matrix
Legend
Regulatory & Compliance
Financial Control
Market Support
Operations Support
Brand & Information Management
Office Management & HR
48
 Premise
 Job Descriptions
 Procedures
Anagrafe Tributaria
49
 Anagrafe Tributaria
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to the
periodic reporting to Anagrafe Tributaria
Responsibilities
The Process involves:
• Regulatory & Compliance Manager;
• Regulatory & Compliance Executive;
• Operations Support Manager.
• General Representative
50
 Anagrafe Tributaria
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
!
General
Representative
Regulatory &
Compliance
Manager
Regulatory &
Compliance
Executive
Operations
Support
Manager
7. Analyses the statutory annual report for accuracy and authorises the
sending.
1. Informs both Italian and Lloyd’s markets on the law provision
4.. Receives the information quarterly /annually from Lloyd’s Correspondents/
Lloyd’s Brokers and loss adjusters regarding:
• claims settled;
• payee tax-payer’s code;
• Third parties defendants fees settled by underwriters
for statutory reporting purposes and related to the previous quarter period verifying
the correctness of the operation.
5.. Prepares the annual report to “Anagrafe Tributaria”.
6. . Checks on the completeness and accuracy of the report using the adequate audit
techniques.
8. Statutory annual report dispatch to the Outsourcer for formal transmission to
“Anagrafe Tributaria”.
2. Extracts automatically form Iassicur the information needed for statutory reporting
purposes.
3. Double checks the accuracy of the extraction.
51
 Anagrafe Tributaria
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Statutory periodic reporting to “Anagrafe Tributaria” (!) / 1
LIO’s
calendar
Regulatory &
Compliance Executive
1.
2.
3.
Operations Support
Manager
1. Information to the
markets about law
provision
2. IASSICUR extraction
of all payments related
to claims settlement of
the fiscal year (Lloyd’s
Correspondent’s).
4. Receives list of
payments from the
markets
3. Double check of the
extraction before
forwarding it to
Regulatory &
Compliance Manager.
Iassicur
Next page
D
Lloyd’s Correspondent/
Lloyd’s Broker/loss adj.
Iassicur
List of payments related
to claims settled during
the quarter
52
 Anagrafe Tributaria
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Statutory periodic reporting to “Anagrafe Tributaria” (!) / 2
1.
2.
3.
Previous page
Regulatory &
Compliance Manager
General Representative
5. Annual reporting to
“Anagrafe Tributaria”
preparation.
6. Checks on the
completeness and
accuracy of the report
through a systematic
E
audit activity (random
sampling).
F
7. Analysis and
authorises the
sending of the
statutory annual
report to “Anagrafe
Tributaria”.
Regulatory &
Compliance Executive
8. Statutory annual
report dispatch to
Outsourcer for
formal transmission
to “Anagrafe
Tributaria” through
Entratel software.
Outsourcer
Transmission to
“Anagrafe
Tributaria”
through Entratel
software.
!
Out-mail DB
53
 Anagrafe Tributaria
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Reference
Control activity
Owner
Timing
D
Financial Control Manager double checks the extraction
performed for the statutory reporting purposes before forwarding it
to Regulatory & Compliance Manager.
Financial Control
Manager
Quarterly
E
Regulatory & Compliance Manager and Operations Manager
verifies the completeness and accuracy of the statutory report
through a systematic audit activity (random sampling) properly
documented.
Regulatory &
Compliance Manager
and Operations
Manager
Annually
General
Representative or
others granted the
power of attorney
Annually
F
General Representative or others granted the power of attorney
analyses and authorises the sending of the statutory annual
report to “Anagrafe Tributaria”.
54
Complaints Management
55
 Complaints Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Context
According to the “ISVAP Circolare 518/D”, it is mandatory for Insurance Companies receiving
complaints from insured parties to manage them timely (within 45 days from the receipt date)
providing complete information.
In case of incomplete or no response, the insured party is allowed to address the complaint to
ISVAP who is entitled to enquire asking the Insurance Company for details to be provided
timely (within 30 days from the receipt date) and completely in order to avoid fine notification.
Any complaint, enquiry and response has to be timely recorded into ISVAP Complaints Data
Base and filed.
56
 Complaints Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
(hereinafter also called “LIO”) Complaints Management.
In detail, this Procedure regulates:
• ISVAP enquiries and insured parties complaints receipt;
• LIO direct response to ISVAP or insured party;
• Lloyd’s Correspondent / Loss Adjuster direct response to ISVAP or insured party;
• periodic statutory reporting to ISVAP.
Roles
The Process involves:
• General Representative;
• Regulatory & Compliance Manager;
• Regulatory & Compliance Executive.
57
 Complaints Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
Complaints receipt
1. Insured party
complaint receipt
 Key Controls List
!
Complaints management
2. ISVAP enquiry
3. LIO response
4. Correspondent/Loss
Adjuster direct
response
5. Correspondent/Loss
Adjuster unsatisfactory
response
5. Signs the formal
3. Signs the note
1. Decides, together with
response to
addressed to ISVAP.
Underwrites, between
ISVAP/insured party.
appeal filing and fine
payment.
General
Representative
or his delegated
Regulatory &
Compliance
Manager
1. Receives the
1.
complaints from
insured parties and
analyzes them in
order to identify level
of urgency.
2.
2. Returns to the sender
complaints incorrectly
addressed to LIO.
6. Follows up the
Lloyd’s
3.
Correspondent / Loss
Adjuster responses.
Receives ISVAP
1.
enquiries and analyzes
them in order to
identify level of
urgency.
Analyses whether
replying instantly to
ISVAP stating the
enquiry is in course of
analysis.
2.
Identifies competent
Lloyd’s
Correspondents/Loss
Adjusters and forwards
them the enquiry in
4.
order to obtain the
information.
4. Assigns the answer
responsibility.
6. Follows up the Lloyd’s
Correspondent / Loss
Adjuster responses.
Regulatory &
Compliance
Executive
3. Records in-coming
5.
mail.
4. Identifies Lloyd’s
Correspondents/Loss 6.
Adjusters and
forwards them the
complaint in order to
obtain information.
5. Updates the ISVAP
Complaints Data Base.
6. Follows up the
Lloyd’s
Correspondents/Loss
Adjusters responses.
Updates the ISVAP
Complaints Data
Base.
Follows up the
Lloyd’s
Correspondent /
Loss Adjuster
responses.
Performs cross
2.
checks between
ISVAP enquiry/
insured party
complaint and
Lloyd’s
Correspondents/
Loss Adjusters
response.
Supports the parties
in solving the issues
organizing meetings
at LIO’s if considered
helpful.
Analyses the formal
response before
signing-off.
Analyses accuracy of 2. In case of fine paying,
the note prepared by
claims back the
the Executive and
amount paid from the
signs-off.
responsible Lloyd’s
Correspondent / Loss
Adjuster.
3. Prepares formal
1.
response to
ISVAP/insured party.
6. Dispatches the formal
response and related
attachments.
7. Records out-going
mail.
Prepares a note
addressed to ISVAP
referring to the
Lloyd’s
Correspondents/ Loss
Adjusters answer as
the one to be
considered in
response to the
enquiry.
4. Dispatches the formal
response and records
out-going mail.
58
 Complaints Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Insured party complaint receipt
Insured party
1.
2.
3.
4.
5.
6.
Regulatory &
Compliance Manager
NO
Complaint.
2. Return to sender.
Regulatory &
Compliance Manager
1. In-coming mail
receipt and
prioritization.
Complaint
s
belonging
to LIO
A
Out mail DB
Regulatory & Compliance
Executive
3. In-coming mail
recording.
4. Lloyd’s
Correspondents/ Loss
Adjusters identification
and complaint
forwarding.
5. ISVAP Complaints DB
updating and out-going
mail recording.
!
In mail DB
ISVAP Complaints DB
Regulatory &
Compliance
Executive/Manager
6. Standard e-mail
feedback request to
Lloyd’s
Correspondents/Loss
Adjusters and
Correspondents
Database out-going
mail recording .
3.
4.
Out mail DB
59
 Complaints Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. ISVAP enquiry
1.
2.
3.
4.
5.
6.
ISVAP
ISVAP enquiry.
Regulatory & Compliance
Manager
1. In-coming mail
prioritization.
Regulatory &
Compliance Executive
2. Decision whether reply
instantly to ISVAP (copy to
the Insured Party) stating
that the enquiry is being
examined.
5. ISVAP Complaints
DB updating and
out-going mail
recording.
3. Competent Lloyd’s
Correspondents/ Loss
Adjusters identification and
ISVAP enquiry forwarding.
6. Standard e-mail
feedback request to
Lloyd’s
Correspondent and
out-going mail
recording.
4. Analysis of the enquiry and
decision on who is
responsible for answering.
!
Out-mail DB
ISVAP Complaints DB
3.
4.
60
 Complaints Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. LIO response
1.
1.
2.
3.
4.
5.
6.
Lloyd’s Correspondent/
Loss Adjuster
2.
Enquiry/complaint
response.
B
Regulatory &
Compliance Manager
Regulatory &
Compliance Executive
1. Cross check between
ISVAP
enquiry/insured party
complaint and Lloyd’s
Correspondent/ Loss
Adjuster response.
3. Formal letter
preparation and cross
check with ISVAP
enquiry.
2. Supporting the parties
in meetings in order to
find an agreement.
Regulatory &
Compliance Manager
4. Formal letter analysis
and sign-off.
General Representative
or his delegated
5. Response sign-off.
C
D
Regulatory &
Compliance Executive
6. Response and
attachments dispatch
ISVAP complaints.
7. Database out-going
mail recording.
!
ISVAP Complaints DB
61
 Complaints Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
4. Correspondent/Loss Adjuster direct response
1.
2.
1.
2.
3.
4.
5.
6.
Lloyd’s Correspondent/
Loss Adjuster
Enquiry response to
ISVAP/ insured party,
copy to LIO.
Regulatory &
Compliance Executive
1. Note stating that the
response has already
been sent by Lloyd’s
Correspondent/Loss
Adjuster.
Regulatory &
Compliance Manager
2. Note review and
sign-off.
E
!
General Representative
or his delegated
3. Note analysis and
sign-off.
F
Regulatory &
Compliance Executive
4. Note dispatch and
ISVAP Complaints
Database out-going
mail recording.
62
ISVAP Complaints DB
 Complaints Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
5. Correspondent/Loss Adjuster unsatisfactory response
Unsatisfactory
response to
ISVAP
Underwriters
1.
2.
3.
4.
5.
6.
ISVAP
Summary of the
proceedings and fine
notification.
General Representative
or his delegated
1. Decision, together
with Lloyd’s
Underwriters,
between paying the
fine and appeal
filing.
Legal
Proceedings
Management
Cash
Management
Regulatory &
Compliance Manager
2. Consequent fine
claiming back from
the Lloyd’s
Correspondent/ Loss
Adjuster responsible
for the fine.
63
 Complaints Management
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
 Key Controls List
Control activity
Owner
Timing
A
Regulatory & Compliance Manager analyzes in-coming mail and
identifies the complaints incorrectly addressed to LIO in order to
return them to the sender (out-going mail recording). No Complaints
Data Base update is required.
Regulatory &
Compliance Manager
Daily
B
Regulatory & Compliance Manager cross checks ISVAP
enquiry/insured party complaint against Lloyd’s Correspondents/
Loss Adjusters response in order to guarantee information relevance
and signs as check evidence.
Regulatory &
Compliance Manager
Ad hoc
Regulatory & Compliance Manager letter/note review for accuracy
and sign-off.
Regulatory &
Compliance Manager
Ad hoc
General Representative, or other granted the power of attorney,
signs-off the responses/notes to ISVAP/insured party after having
analyzed the correctness of its contents.
General
Representative or
others granted the
power of attorney
Ad hoc
C
E
D
F
As a general rule, any documentation addressed to ISVAP or Public Administration needs to be double checked
and signed before dispatching by either the General Representative or the General Manager.
64
 Legal Proceedings Management
Legal Proceedings Management
65
 Legal Proceedings Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
(hereinafter also called “LIO”) Legal Proceedings Management.
In detail, this Procedure regulates:
• the legal proceedings notification;
• the attorney appointment;
Please consider that LIO mainly acts as a facilitator between the Managing Agent and the
attorneys.
Roles
The Process involves:
• General Representative;
• Regulatory & Compliance Manager;
• Regulatory & Compliance Executive.
66
 Legal Proceedings Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
1. Legal proceeding notification
General
Representative
or his delegated
 Key Controls List
2. Attorney appointment
3. Signs the power of attorney verifying that
the appointment is in line with Managing
Agents instructions and internal policies.
Regulatory &
Compliance
Manager
1. Receives and analyses the service of suit rejecting those
containing significant faulty drafting and those related to the
freedom of services.
2. Highlighting main information contained in the service of suit
such as:
• loss adjusters involved;
• court hearing date;
• policies;
• underwriters involved;
• etc.
3. Forwards the service of suit to Regulatory & Compliance
Executive
Regulatory &
Compliance
Executive
4.Updates lawsuits log and n-coming writs recording and
scanning.
5.Identifies the Managing Agent/ Loss Adjuster involved in the
policy the service of suit refers to and forwards document
immediately with request of acknowledgement.. If not present,
forwards this to the Legal Services Department in London.
6.Updates Mulan, the legal proceeding dedicated software
internally built, with the service of suit electronic copy and all
related information.
7.Launches the automatic Mulan procedure for asking all involved
to select an attorney.
8.With the help of the calendar in Mulan and considering the court
hearing date, asks for feed back about the attorney selection to
Managing Agent/Loss Adjuster.
1. Appoints the attorney in accordance with
Managing Agent/Loss Adjuster selection.
2. In case of missing attorney selection within
the due term involves Lloyd’s Legal Services
for the selection/appointment of an
attorney..
4. Forwards the service of suit to one of the
newly appointed attorney/attorneys
5. Scans the documentation and updates
Mulan.
67
 Legal Proceedings Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Legal proceeding notification
1.
2.
3.
Insured party
Service of Suit
(Freedom of
establishment only).
Regulatory &
Compliance Manager
Regulatory & Compliance Executive
1. Writ service
acceptance, rejecting
all those containing
significant faulty
A
drafting and FOS
2. Writs analysis and
highlighting of main
contents
3. Writ forwarding to
R&C Executive
8. In case of lack of
feedback from
MA/Adjuster,
selection of attorney
in agreement with
Lloyd’s Legal
Services (not to
prejudice Lloyd’s
position).
B
4.
Writs scanning and recording
and log updating.
5.
Identification of the relevant
Managing Agent/Loss Adjuster
involved and forward
documentation with request of
acknowledgment.
6.
Mulan (database) update.
7.
Letter for defendant selection
automatically issued and sent to
involved MAs
9.
Activity recording into database
(Mulan).
In-mail DB
Mulan
Out-mail DB
68
 Legal Proceedings Management
 Table of Contents
 Scope
 Process Summary
2. Attorney appointment
Yes
MA or Loss Adjuster
Attorney selection.
Attorney
selection
receipt
NO
Regulatory &
Compliance Manager
2.
Attorney
appointment in
agreement with
Lloyd’s Legal
Services.
 Process Flow
 Key Controls List
1.
2.
3.
Regulatory &
Compliance Manager
1. Attorney
appointment in
accordance with the
selection.
General Representative
or his delegated
3. Power of attorney
signature.
C
!
Regulatory &
Compliance Manager
4. Writs forwarding to
attorney*.
Regulatory &
Compliance Executive
5. Documentation scan,
Mulan update and
out-mail recording.
* In case of more attorneys, one of them will be forwarded the service of suit while the others will be asked to prepare the documentation needed for
participating in the legal proceeding.
Mulan
Out-mail69
DB
 Legal Proceedings Management
 Table of Contents
Reference
A
B
C
 Scope
 Process Summary
 Process Flow
Control activity
Regulatory & Compliance Manager analyses the in-coming mail
rejecting Services to Suit with significant faulty drafting and those
relating to the freedom of services.
Regulatory & Compliance Executive requires feedback for legal
proceedings lacking input from the interested parties.
General Representative, or others granted the power of attorney,
signs the power of attorney after cross checking it against the
Managing Agent/Loss Adjusters selection or, if instructions missing,
liaising with Lloyd’s Legal Service for identification of defendant.
 Key Controls List
Owner
Timing
Regulatory &
Compliance Manager
Ad hoc
Regulatory &
Compliance
Executive
Daily
General
Representative or
others granted the
power of attorney
Ad hoc
70
Coinsurance Claims Management
71
 Coinsurance Claims Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Context
Coinsurance is the sharing of risks between two or more Insurance Companies based on
agreed percentages.
As a consequence of the percentage held, Insurance Companies taking part in the policy might
be leader or followers.
The former is responsible for administering various aspects of the insurance policy (e.g.:
premium, claims, insurance documents) while the latter receives his part of the premium and
is required to cooperate with the leader in case of claim settlement.
72
 Coinsurance Claims Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
(hereinafter also called “LIO”) Coinsurance Claims Management in the sole case of Lloyd’s
being a follower.
This Procedure regulates:
• Co Insurance statement of accounts receipt and funds collection;
• funds receipt and claims settlement;
related to policies issued by Open Markets Correspondents only and where Lloyd’s is a
follower.
Any other Co Insurance policy, since less frequent, is to be considered out of scope.
Roles
The Process involves:
• Regulatory & Compliance Manager;
• Regulatory & Compliance Executive;
• Financial Control Division.
73
 Coinsurance Claims Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
1. Funds collection
 Key Controls List
2. Funds receipt and
claims settlement
Regulatory &
Compliance
Manager
1. Receives the leading insurer statement of
accounts and forwards it to the Regulatory &
Compliance Executive.
4. Analyses the Bordereaux investigating the
oldest/strange situations and signs it (sample
check allowed).
6. Analyses the cross check performed by the
Regulatory & Compliance Executive and
authorizes/rejects (sign-off) the claims
adjustments.
Regulatory &
Compliance
Executive
2. Performs the match between the statement of
accounts received and the Lloyd’s Broker that
issued the policy in order to prepare the
Bordereaux for fund collection purposes.
3. Prepares the Lloyd’s Brokers Bordereaux for cash
collection from the Syndicates.
5. Dispatches the Bordereaux.
6. Records the out-going mail.
7. Periodically, requests (via e-mail) feedback to the
Lloyd’s Brokers in case of late/missing payments.
1. Receives the Broker e-mail referring to
future money transfer.
3. Cross checks the funds received from
Lloyd’s Brokers/Syndicates against the
related Bordereaux in order to verify the
completeness of the cash received.
4. Updates the Bordereaux.
5. Periodically cross checks the Bordereaux
against the leading insurance companies
reserves statement of accounts and
adjusts the claims to the leading
insurance company reserve.
Financial
Control
Division
2. Communicates cash in claims
settlement related to Regulatory &
Compliance Executive.
74
 Coinsurance Claims Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Funds collection
1.
2.
Leading Insurer
Statements of accounts
Regulatory &
Compliance Manager
1. Statement of accounts
receipt and Regulatory
& Compliance
Executive forwarding.
Regulatory &
Compliance Executive
2. On the basis of
statement of accounts,
definition of
competent Lloyd’s
Broker.
3. Bordereaux
preparation.
Regulatory &
Compliance Manager
Regulatory &
Compliance Executive
4. Bordereaux analysis
and oldest/strange
A
situations
investigation and signoff (sample check
allowed).
5. Bordereaux dispatch to
competent Lloyd’s
Broker for Syndicates
funds collection
purposes.
6. Out-going mail
recording.
7. Periodic e-mail
feedback request to
competent Lloyd’s
Broker.
Out mail DB
75
 Coinsurance Claims Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Funds receipt and claims settlement
1.
2.
Lloyd’s Broker
Funds transfer
Regulatory &
Compliance Executive
1. Lloyd’s Broker e-mail
receipt about the
money transfer and
Bordereaux reference.
Financial Control
Division
2.
Cash in
communication.
Regulatory & Compliance
Executive
3. Cross check between
funds received and
related Bordereaux and
back up documentation
sign-off.
4. Bordereaux updating.
Regulatory &
Compliance Manager
6. Analyses of the reserve
cross check in order to
authorize/reject the
adjustments performed
B
signing the back up
documentation.
5. Cross checks the
Bordereaux against the
leading insurance
companies reserves
statement of accounts and
differences adjustments.
Iassicur
76
 Coinsurance Claims Management
 Table of Contents
Reference
A
B
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
Regulatory & Compliance Manager analyses the Bordereaux
investigating the oldest/strange situations and sign-off (sample
check allowed).
Regulatory &
Compliance Manager
Ad hoc
Regulatory & Compliance Manager analyses the periodic reserve
cross check performed by the executive in order to authorize/reject
the adjustments signing the back up documentation.
Regulatory &
Compliance Manager
Annually
77
OMC registration and CH approval
 OMC registration and CH approval
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to
•
•
Registration of Open Market Correspondent and
Approval of Coverholders
Responsibilities
The Process involves:
• General Representative;
• General Manager.
79
 OMC registration and CH approval
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Coverholders
Open Market Correspondent
General
Representative
2. Authorizes a new relationship with the incoming
Open Market Correspondent (herein after also
“OMC”).
2.
General Manager
supported by
Regulatory &
Compliance
1. Receives notification of OMC to be registered from
Lloyd’s Brokers, who is supposed to have already
verified it.
3. After the authorization receipt, prepares the welcome
kit, informs the General Representative and meets the
new OMC for contract signing.
4. Files all documentation.
1. Receives the documentation of ingoing CH from Lloyd’s Broker,
who is supposed to have already verified it.
3. Meets the ingoing CH to evaluate the Head Office and the people.
4. Completes the check list with all information needed by the
application form.
6. After the General Manager authorization, asks CH the professional
indemnity insurance extension.
7. After the authorization receipt, prepares the welcome kit, informs
the General Representative and asks the Corporation the Approval
confirmation.
8. At insurance receipt, meets the new CH to sign the contract.
9. Files all documentation.
10. Uploads the Correspondents Database.
5.
Authorizes the a new relationship with the incoming
Coverholder (herein after also “CH”)..
Evaluates the check list information and authorizes the new
relationship with the CH.
80
 OMC registration and CH approval
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Application for Open Market Correspondent / 1
Third Intermediary
Identification of the
Lloyd’s Broker as a
Sponsor.
Request of registration
by an OMC Application
Form.
Lloyd’s Broker
Verify the
documentation and
submit request with
OMC details.
A
General Manager
1. Details check.
A
General
Representative
3. Relationship
authorization.
B
Next page
81
 OMC registration and CH approval
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Application for Open Market Correspondent / 2
Previous page
Lloyd’s London
General Manager
Authorize the
relationship and assign
a OMC identification
number.
5. Prepare the welcome
kit and communicate
to General
Representative the
turn out well of the
application.
C
Third Intermediary
General Manager to sign
the contract during
meeting.
General Manager
•Copy Contract signed by General Representative
•Covering Letter with the OMC’s Code and
agreement’s date of expire
•Circular letters from ISVAP to Correspondents
•Procedure Handbook
•LIO Organization Chart
•Brochures
D
6. Documentation
filing.
7. Upload
Correspondents
Database.
82
 OMC registration and CH approval
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Application for Coverholders / 1
Third Intermediary
Lapse of time: Three Weeks
Identification of the
Lloyd’s Broker as a
Sponsor.
Request of registration
by an Application
Form.
Application Form
Balance Sheet
Business Resume
Business Plan
Lloyd’s London
Documentation check.
A
General Manager
1. Documentation
check.
A
General
Representative
2. Relationship
authorization.
General Manager
B
3. Request to ingoing
Coverholder a
meeting to evaluate
the Head Office
and the People
Next page
83
 OMC registration and CH approval
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Application for Coverholder / 2
Previous page
General Manager
4. Checklist
completion.
E
Lapse of time: Three Weeks
General Representative
5. Relationship
authorization.
B
General Manager
6. Request to ingoing
CH the extension
of professional
indemnity
insurance and a
€25.000.
General Manager
General Manager
Third Intermediary
New
insurance policy copy.
7. Documentation
collection.
Lloyd’s London
Approval confirmation.
D
8. Meet new
Coverholder.
9. Documentation
filing.
10.Upload
Correspondents
Database.
84
 OMC registration and CH approval
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
A
Documentation check.
B
 Key Controls List
Owner
Timing
General Manager
Ad hoc
Authorizes the relationship (he is aware of).
General
Representative
Ad hoc
C
Authorizes the relationship.
Lloyd’s London
Ad hoc
D
Tracks the operations and files of information.
General Manager
Ad hoc
E
Check List creation by Lloyd’s London for the specific
Application Form.
General Manager
Ad hoc
85
 Premise
 Job Descriptions
 Procedures
Roles Matrix
Legend
Regulatory & Compliance
Financial Control
Market Support
Operations Support
Brand & Information Management
Office Management & HR
86
Premiums and Premium Taxes Cash Flow Management
87
 Premiums and Premium Taxes Cash Flow Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
(hereinafter also called “LIO”) Premiums and Premium Taxes Cash Flow Management.
The Procedure regulates premiums receipt relating to “Freedom of Establishment” policies
only and tax payment for both “Freedom of Establishment” and “Freedom of Services“
policies.
Responsibilities
The Process involves:
• General Representative;
• Financial Control Manager;
• Financial Control Executive.
88
 Premiums and Premium Taxes Cash Flow Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Premiums and Premium Taxes Cash
Flow Management
General
Representative
or his delegated
11. Analyses and signs the tax returns.
12. Transmits formally the premium tax returns to the competent tax agency
(freedom of establishment only).
13. Submits the premium tax returns to the outsourcer for formal transmission to the
competent tax agency (freedom of services only).
Financial
Control
Manager
7. Checks the accuracy of the premium taxes to be paid as extracted automatically
from Iassicur analysing, in an excel spreadsheet to be filed, the tax rate per single
line of business.
8. Prepares the monthly premium tax payment.
9. Prepares the monthly premium tax return for submission to the competent tax
agency (freedom of services only).
10. Prepares the annual premium tax return for submission to the competent tax
agency (freedom of establishment only).
Financial
Control
Executive
1. Records in-coming mail.
2. Processes the premium taxes and premiums statement of accounts and records
them in Iassicur.
3. Analyses the cash-in as resulting from the on-line banking.
4. Records in Iassicur the cash-in daily received.
5. Automatically extracts the premiums from Iassicur for weekly premiums
analyses purposes and reconciles them against the cash received through a
dedicated form to be signed and filed.
6. Submits the weekly premiums analyses to Lloyd’s Brokers.
89
 Premiums and Premium Taxes Cash Flow Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Premiums and Premium Taxes Cash Flow Management / 1
Lloyd’s Correspondent
Premiums and
premium taxes
statement of accounts
and money
Financial Control
Executive
Financial Control
Executive (cont'd)
1. In-coming mail
recording.
2. Premiums and
premium taxes
statement of accounts
processing and
Iassicur recording
(partly manually and
partly automatically).
3. Daily cash in
analysis.
4. Daily cash in
recording in Iassicur.
5. Weekly
Reconciliation
through a dedicated
A
form to be signed-off
and filed:
- Iassicur automatic
extraction against the
cash received
- Bank Figures
Analysis: relate with
each Iassicur item.
Next page
6. Weekly premiums
analysis submission
to Lloyd’s Brokers.
Iassicur
In-mail DB
Iassicur
90
 Premiums and Premium Taxes Cash Flow Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Premiums and Premium Taxes Cash Flow Management / 2
Previous page
Financial Control
Manager
B
7. Monthly premium
taxes to be paid
accuracy check
through automatic
extraction and tax rate
analysis per single
line of business.
8. Monthly premium tax
payment preparation.
9. Monthly premium tax
return to the
competent tax agency
preparation (freedom
of services only).
10.Annual premium tax
return to the
competent tax agency
preparation (freedom
of establishment
only).
C
General Representative
or his delegated
Outsourcer
11.Analysis and sign-off
of the premium tax
returns.
Transmission
to
competent
tax
agency
(freedom
of
services only).
12.Premium tax returns
formal transmission
to the competent tax
agency (freedom of
establishment only).
13.Premium tax returns
submission to the
outsourcer for formal
transmission to the
competent tax agency
(freedom of services
only).
Cash
Management
91
 Premiums and Premium Taxes Cash Flow Management
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
A
Financial Control Executive extracts automatically from Iassicur the
premiums recorded during the previous week and reconciles them
against the cash received (and recorded by the Financial Control
Executive) filling and signing the dedicated form.
Financial Control
Executive
Weekly
B
Financial Control Manager verifies the accuracy of the premium
taxes to be paid extracting automatically the report from Iassicur and
verifying the correctness of the tax rate applied using an excel
spreadsheet (Pivot) organized per single line of business and filed.
Financial Control
Manager
Monthly
C
General Representative, or others granted the power of attorney,
analyses the correctness of the premium tax returns before signing
and submitting them to the outsourcer for formal transmission to the
competent tax agency.
General
Representative or
others granted the
power of attorney
Monthly/Annually
As a general rule, any documentation addressed to Public Administration needs to be double checked and signed
before dispatching by either the General Representative or others granted the power of attorney.
92
Budget
93
 Budget
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
(hereinafter also called “LIO”) Budget and Forecast Preparation and Management.
In detail, this Procedure regulates:
• Budget preparation;
• unbudgeted expenditures;
• Forecast preparation.
Roles
The Process involves:
• General Representative;
• Financial Control Manager;
• Divisional Manager;
94
 Budget
 Table of Contents
General
Representative
Financial
Control
Manager
Divisional
Manager
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Budget preparation
2. Unbudgeted expenditures
1. Receives budget instructions, relevant excel
templates and timetable.
2. Defines Budget assumptions.
3. Prepares, with the Financial Control Manager
support, the Budget in line with the instructions
received.
4. Files all the back up documentation.
6. Checks Budget accuracy against the instructions
received and files the Budget final version.
7. Submits the Budget to Lloyd’s Corporation.
8. Records out-going mail.
2. Analyses the unbudgeted expense request.
3. In case of unbudgeted expenses amounting to
less than € 20.000, authorises/rejects the
expense.
4. In case of extra-budged expenses amounting
to more than € 20.000, forwards the
authorization request to Lloyd’s Corporation.
5. Out-going mail recording.
3. Forecast preparation
1. Receives Forecast instructions, relevant
excel templates and timetable.
2. Prepares, with the Financial Control
Manager support, the Forecast in line
with the instructions received including
all unbudgeted expenses already
committed to and analysing all main
differences vs. Budget.
3. Files all the back up documentation.
5. Checks the Forecast accuracy against the
instructions received and files the
Forecast final version.
6. Submits the Forecast to Lloyd’s
Corporation.
7. Records out-going mail.
4. Supports the General Representative in
preparing the Forecast.
5. Supports the General Representative in
preparing the Budget.
1. Analyses the unbudgeted expenditures and
authorises the request (sign-off) as evidence of
the expense real need.
95
 Budget
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Budget preparation
1.
July - August
2.
3.
November
Lloyd’s Corporation
Instructions, relevant
excel templates and
timetable.
General Representative
1. Instructions, relevant
excel templates and
timetable receipt.
2. Budget assumptions
definition.
Financial Control
Manager
General Representative
5. Budget preparation
support.
3. Budget preparation
supported by Financial
Control Manager and
in line with the
instructions received.
6. Budget accuracy check
against the instructions
received and final
A
version filing.
7. Budget submission to
Lloyd’s Corporation.
8. Out-going mail
recording.
4. Back up
documentation/ excel
computation filing.
Lloyd’s Corporation
Budget changes.
Lloyd’s Executive Team
Budget approval.
Server
Server
96
 Budget
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Unbudgeted expenditures
1.
2.
3.
Unbudgeted
expenditures request.
Divisional Manager
1. Unbudgeted
expenditures real need
analysis and formal
authorization.
B
General Representative
2. Unbudgeted expense
request analysis.
C
3. In case of unbudgeted
expenses amounting to
less than € 20.000, formal
authorization/rejection.
4. In case of unbudgeted
expenses amounting to
more than € 20.000,
authorization requested
to Lloyd’s Corporation
supported by Business
Case.
Lloyd’s Corporation
Unbudgeted
expenditures
authorization/denial.
5. Out-going mail
recording.
Out mail DB
97
 Budget
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Forecast preparation
1.
2.
3.
Lloyd’s Corporation
Instructions, relevant
excel templates and
timetable.
General Representative
Financial Control
Manager
1. Instructions, relevant
excel templates and
timetable receipt.
General Representative
2. Forecast preparation
including expenses
already committed to
not included in Budget
and main differences
vs Budget analysis and
explanation.
4. Forecast preparation
support.
5. Forecast accuracy check
against the instructions
received and final
version filing.
D
6. Forecast submission to
Lloyd’s Corporation.
Lloyd’s Corporation
Forecast play back.
7. Out-going mail
recording.
3. Back up
documentation/ excel
computation filing.
Server
Server
98
 Budget
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
A
General Representative analyses the Budget accuracy and its
compliance with Lloyd’s Corporation instructions, filing the final
version.
General
Representative
Annually
B
Divisional Manager analyses the real need of the unbudgeted
expenditures request authorizing/rejecting it (sign-off).
Divisional Manager
Ad hoc
C
General Representative analyses the extra budget expense request
authorizing/rejecting it or, in case of unbudgeted expenses
amounting to more than € 20.000, forwarding the request and
related Business Case to Lloyd’s Corporation.
General
Representative
Ad hoc
D
General Representative analyses the Forecast accuracy and its
compliance with Lloyd’s Corporation instructions, filing the final
versions.
General
Representative
Half-yearly
99
Financial Statement Preparation
100
 Financial Statement Preparation
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Context
Under Italian legal framework, the LIO is not required to file its own Financial Statement at
the Italian Chamber of Commerce but it is, on the other hand, required to file the translated
Corporation Results as of Lloyd’s Annual Report.
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
Financial Statement Preparation for tax computation purposes only.
Responsibilities
The Process involves the Financial Control Manager.
101
 Financial Statement Preparation
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Financial Statement preparation
Financial
Control
Manager
1. Receives the suppliers invoices.
2. Records payroll costs.
3. Submits all accounting information to the outsourcer for Financial Statement
preparation purposes.
4. Records out-going mail.
5. Records the year-end entries prepared by the outsourcer.
6. Analyses the main variations of the Financial Statement vs budget figures signing
the F/S before filing it.
102
 Financial Statement Preparation
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Financial Statement preparation
Outsourcer
Cash
Management
Documentation
receipt and invoices
recording.
Premiums and
Premium
Taxes Cash
Flow
Management
Preparation of yearend closing entries.
Financial Control
Manager
1. Suppliers invoices
receipt.
Financial Control
Manager
Outsourcer
5. Year end closing
entries recording in
Iassicur.
P/L, B/S and
related
explanatory
note.
Iassicur
Financial Control
Manager
2. Payroll costs
recording.
3. Accounting
information dispatch
to the outsourcer.
A
6. Financial Statement
main variations vs
budget figures
analysis, sign-off and
filing
4. Out-going mail
recording.
In/out-mail DB
103
 Financial Statement Preparation
 Table of Contents
Reference
A
 Scope
 Process Summary
 Process Flow
Control activity
Financial Control Manager analyses the main variations of the
Financial Statement vs budget figures signing it as evidence of the
checks performed.
 Key Controls List
Owner
Timing
Financial Control
Manager
Annually
104
Cash Management Procedure
105
 Cash Management Procedure
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
(hereinafter also called “LIO”) Cash Management.
The Procedure regulates both bank accounts and petty cash management, there including the
maintenance and the control activities.
Responsibilities
The Process involves:
• General Representative;
• General Manager;
• Financial Control Manager;
• Financial Control Executive;
• Divisional Manager;
• Employee.
106
 Cash Management Procedure
 Table of Contents
 Scope
 Process Summary
1. Banks account management:
opening/ closing bank accounts
and signature specimen changing
2. Banks account
management: cash in and
cash out
 Process Flow
 Key Controls List
3. Banks account
management: bank
reconciliation
2. Seeks authorization from 3. Analyses and authorizes
General
Lloyd’s Financial Control
invoices;
Representative
Division.
4.
Analyses and authorizes
and/or his
4. Analyses the
the bank transfers in line
delegated
3. Verifies the existence of
the bank reconciliations
and signs the Monthly
Financial Report.
General
Manager
2. Verifies accuracy and
completeness of the bank
reconciliations.
documentation before
undersigning it.
Financial
Control
Manager
with his power of attorney;
5. Sign-in in the on-line bank
for paying purposes.
4. Petty cash management:
cash in and cash out
3. Authorises the cash
withdrawal (more than
€200) signing the request
for cash form.
8. Analyses and authorises
the reinstatement request
signing the cheque.
5. Petty cash management:
count of cash
5. Verifies the existence of
the petty cash
reconciliation and signs
the Monthly Financial
Report.
4. Verifies accuracy and
completeness of the cash
reconciliations.
1. Detects the need of
1. Detects a payment need.
1. Performs the bank
4.
opening/closing a bank
2. Prepares the bank transfer.
reconciliations.
account or of changing the 6. Records the cash incomes 4. Dispatches the Monthly
signatures specimen.
in Iassicur.
Financial Report to Lloyd’s 5.
3. Prepares the
Corporation.
documentation in line with
5. Records out-going mail.
6.
the Corporation
instructions received.
7.
Records cash
withdrawals and
reinstatements.
Analyses the petty cash
need of reinstatement.
Prepares the
reinstatement request.
Prepares the cheque.
Divisional
Manager
2. Authorises the cash
withdrawal (less than
€200) signing the request
for cash form.
Employee
1. Fills the request for cash
form.
1. Counts the patty cash on a
monthly bases.
2. Prepares the count of cash
report.
3. Reconciles monthly the
petty cash counted against
the cash account.
6. Dispatches the Monthly
Financial Report to Lloyd’s
Corporation.
7. Records out-going mail.
107
 Cash Management Procedure
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Banks account management:
opening/closing bank accounts and signature specimen changing / 1
1.
2.
3.
4.
5.
Financial Control
Manager
A
1. Opening/closing
bank accounts or
changing signature
specimen need.
General Representative
2. Authorization
seeking from Lloyd’s
Financial Control
Division for
opening/closing
bank accounts or
changing signature
specimen.
Lloyd’s Financial
Control Division
Authorization.
Next page
108
 Cash Management Procedure
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Banks account management:
opening/closing bank accounts and signature specimen changing / 2
1.
2.
3.
4.
5.
Previous page
Financial Control
Manager
3. Preparation of the
documentation
needed for the
operation.
General Representative
or his delegated
4. Analysis and sign-off
of the documentation
prepared.
B
109
 Cash Management Procedure
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Banks account management: cash in and cash out
Financial Control
Manager
C
1. Payment need.
General Representative and/or
others delegated
2. Bank transfer
preparation.
3. Invoices to be paid
authorization:
1.
−General Manager - invoices
amounting to less than € 2.000;
−General Representative invoices amounting to more than
€ 2.000.
4. Payment authorization :
−Two managers granted the power
of attorney jointly - payment
amounting to less than € 12.000;
−General Representative/London
signatories jointly with a
manager granted the power of
attorney - payment amounting to
more than € 12.000.
5. On line/fax authorization.
2.
3.
4.
5.
Financial Control
Manager
6. Payments/incomings
recording*.
Iassicur
Bank
Incomings.
TLQ
* Premiums and premium taxes related incomes are recorded by the Financial Control Executive.
110
 Cash Management Procedure
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Banks account management: bank reconciliation
Financial Control
Manager
1. Monthly bank
reconciliations and
Bank Figures
analysis: relate with
each items of Iassicur
(e.g. premiums,
premium taxes and
claims).
1.
2.
3.
4.
5.
General Manager
2. Reconciliation
accuracy and
completeness check
and sign-off.
General Representative
D
3. Reconciliation
existence check and
Monthly Financial
Report signature.
E
Financial Control
Manager
4. Monthly Financial
Report dispatch to
Lloyd’s Corporation.
5. Out-going mail
recording.
Out-mail DB
111
 Cash Management Procedure
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
4. Petty cash management: cash in and cash out
Petty cash payments
1. Cash need
Yes
No
Petty cash reinstatement
H
6. Request for reinstate.
7. Cheque preparation.
3.
4.
5.
3. Cash need analysis
and authorization
(written request signoff).
F
Over
€200?
5. Reinstate petty cash
need.
2.
General Representative
Employee
Financial Control
Manager
1.
Divisional Manager
2. Cash need analysis
and authorization
(written request signoff).
Financial Control
Manager
G
4. Cash recording.
General Representative
and/or others delegated
Iassicur
8. Reinstate request
analysis and
authorization
I
signing the cheque.
112
 Cash Management Procedure
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
5. Petty cash management: count of cash
1.
2.
3.
4.
5.
Financial Control
Manager
L
General Manager
1. Monthly count of
cash.
4. Reconciliation
accuracy and
completeness check
and sign-off.
2. Count of cash report.
3. Monthly cash
reconciliation against
cash account.
M
General Representative
5. Reconciliation
existence check and
Monthly Financial
N
Report signature.
Financial Control
Manager
6. Monthly Financial
Report dispatch to
Lloyd’s Corporation.
7. Out-going mail
recording.
Out-mail DB
113
 Cash Management Procedure
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
A
Financial Control Manager, in case of management changes, verify
the need of changing signatures specimen.
Financial Control
Manager
Ad hoc
B
General Representative, or others granted the power of attorney,
analyses for accuracy the documentation prepared for the bank
account opening, closing and for the signature specimen updating
before signing.
General
Representative or
others granted the
power of attorney
Ad hoc
C
General Representative and/or others delegated analyse and
authorize the invoices to be paid and authorize the payment orders.
General
Representative and/or
others granted the
power of attorney
Ad hoc
D
General Manager analyses the bank reconciliations in order to verify
accuracy and completeness of bank bookkeeping.
General Manager
Monthly
E
General Representative verifies the existence of banks
reconciliations and signs the Monthly Financial Report addressed to
Lloyd’s Corporation.
General
Representative
Monthly
Divisional Manager or
General
Representative
Ad hoc
F
G
Divisional Manager or General Representative, depending on the
amount of the cash requested by each employee, authorizes the
cash withdrawal request signing the authorization form.
114
 Cash Management Procedure
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
Financial Control
Manager
Weekly
General
Representative and/or
others granted the
power of attorney
Ad hoc
H
Financial Control Manager analyses weekly the need of cash
reinstatement and decides whether fill in the cheque.
I
General Representative and/or others granted the power of attorney
analyse the reinstate request and authorize it signing the cheque.
L
Financial Control Manager weekly performs the count of cash and
prepares the count report.
Financial Control
Manager
Monthly
M
General Manager analyses the reconciliations between the count of
cash and the cash account.
General Manager
Monthly
N
General Representative verifies the existence of bank reconciliations
and singes the Monthly Financial Report addressed to Lloyd’s
Corporation.
General
Representative
Monthly
As a general rule:
• money deposited in LIO bank accounts cannot be used for any other aim but the one it is dedicated to;
• no one is allowed to authorize a payment for his own benefit;
• no cash payments are allowed, a part from those relating to:
− stationery;
− coffee and similar;
− revenue stamps;
− public tender related taxes
− other little office expenses.
115
 Premise
 Job Descriptions
 Procedures
Roles Matrix
Legend
Regulatory & Compliance
Financial Control
Market Support
Operations Support
Brand & Information Management
Office Management & HR
116
Public Tenders
117
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Context
Under the Italian legal framework, procedures relating to the awarding by public bodies of
contracts for insurance services are regulated primarily by the provisions set forth in
Legislative Decree 163/2006 (public contracts for services).
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
Public Tenders Management which consists of assisting Underwriters, Lloyd’s Brokers,
Lloyd’s Coverholders and Correspondents participating in public tenders in Italy through:
•
•
submitting bids and
signing insurance policies and contracts in case of contract awarding.
Both bids and contracts/policies are signed by the General Representative in the name of and
on behalf of Underwriters.
118
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope (cont'd)
In detail, this Procedure regulates:
• the call for bid receipt and the invitation request;
• the offer preparation and dispatch;
• the tender awarding and subsequent obligations management.
Roles
The Process involves:
• General Representative;
• Market Support Manager;
• Market Support Executive.
119
 Public Tenders
 Table of Contents
 Scope
 Process Summary
1. Call for bids and request for
invitation
 Process Flow
 Key Controls List
2. Application to participate and offer
submission
3. Awarding of contract, subsequent
obligations
General
Representative
or his delegated
4. Analyses the application for the
tender before authorizing it (sign-off).
8. Signs the Formal Offer after having cross checked it
against the Standard Offer Form.
Market Support
Manager
3. Checks the accuracy of the application
prepared by the Market Support
Executive and signs it as check
evidence.
6. Analyses the completeness and accuracy of the
4. Verifies the additional information prepared
Standard Offer Form and verifies that the Lloyd’s
by the Executive before signing it.
Correspondent is different from the Public Body
8. Cross check the policy and the Cover Note
Broker. Signs the Standard Offer Form as evidence of
against the contract signed by the General
the check performed.
Representative and, if needed, the Offer.
Market Support
Executive
1. Records the call for bid in-coming
mail.
2. Prepares the formal application for
requesting the invitation to the tender.
5. Dispatches the application signed by
the General Representative.
6. Records the out-going mail.
1. Records the in-coming mail (invitation to the
tender).
2. Enters the tender information in the Tender Data
Base.
3. Quarterly, checks the completeness and accuracy of
the information uploaded in the Tender Data Base.
5. Records in-coming mail (Standard Offer).
7. Transposes the Standard Offer Form information in
the Formal Offer.
9. Dispatches the offer.
10. Updates the Tenders Data Base and records the outgoing mail.
Tender Data
Base
4. Through a properly profiled access management,
allows all interested to view tender information and
download the invitation.
6. Signs the contract after having cross checked it
against the tender offer.
9. Signs the draft policy after having cross
checked the existence of the Market Support
Manager sign-off.
1.
2.
3.
5.
7.
10.
11.
12.
Forwards the award notification to the
competent Lloyd’s Broker.
Records the in and out-going mail
(contract award notification).
Prepares the additional information
requested by the Public Body.
Dispatches the additional information and
records out-going mail.
Records in-coming mail (Cover Note).
Dispatches to the Public Body, through
the Lloyd’s Correspondent, three copies of
the policy for signing purposes.
Records the out-going mail.
Records and files the signed copy of the
bid.
120
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Call for bids and request for invitation
1.
2.
3.
Lloyd’s Correspondent/
Lloyd’s Brokers/
Underwriters
Call for bids.
Market Support
Executive
Market Support
Manager
1. In-coming mail
recording.
3. Application check for
accuracy and
application sign-off.
2. Formal application
preparation for
tender invitation
purposes.
A
General Representative
or his delegated
B
4. Application analysis
and sign-off.
Market Support
Executive
5. Application dispatch.
6. Out-going mail
recording.
In-mail DB
Lloyd’s Correspondent/
Lloyd’s Brokers/
Underwriters
Documentation needed
for the application.
In-mail DB
2.
121
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Application to participate and offer submission / 1
1.
1.
2.
3.
Public Body/ Broker
Invitation.
Market Support
Executive
Tender Data Base
1. In-coming mail
recording.
4. Automatic access
granting to Lloyd’s
Correspondents/
Lloyd’s Brokers/
Underwriters who
are interested in the
tender.
Data Base access is
properly profiled.
2. Tender Data Base
input of:
−
−
−
C
interested Lloyd’s
Correspondents/
Lloyd’s Brokers/
Underwriters;
call for bids;
bid invitation.
3. Completeness and
accuracy check of the
Tender Data Base
through a systematic
audit activity
(quarterly random
sampling).
In-mail DB
Next page
D
Tender DB
122
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Application to participate and offer submission / 2
1.
2.
3.
Previous page
Lloyd’s Correspondent/
Lloyd’s Brokers/
Underwriters
Standard Offer Form.
Market Support
Executive
Market Support
Manager
5. In-coming mail
recording.
6. Completeness and
accuracy Standard
Offer Form analysis
and check that
Lloyd’s
Correspondent is
different from the
Public Body Broker
(form sign-off as
evidence of the check
performed).
In-mail DB
Next page
E
123
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Application to participate and offer submission / 3
1.
2.
3.
Previous page
Market Support
Executive
7. Formal Offer
preparation
transposing the
Standard Offer Form.
General Representative
or his delegated
8. Formal Offer sign-off
after having verified
its accuracy and
having performed
the cross check
against the Standard
Offer Form filled by
the sender.
F
Market Support
Executive
9. Formal Offer
dispatch as required
in the call for bid.
3.
10.Tender Data Base
updating and outgoing mail recording
Tender Data Base
Out-mail DB
124
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Awarding of contract, subsequent obligations / 1
2.
1.
2.
3.
Public body
Contract award
notification.
Market Support
Executive
1. Lloyd’s Broker
notification forward.
Market Support
Executive
Market Support
Manager
2. Out and in-coming
mail recording.
3. Preparation of the
additional
information
requested.
Lloyd’s Broker
Additional information
required by the Public
Body forwarding to LIO
4. Additional information
request accuracy and
completeness analysis
and sign-off.
G
In-mail DB
Market Support
Executive
5. Document dispatch
and out-going mail
recording.
Out-mail DB
Out-mail DB
Next page
125
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Awarding of contract, subsequent obligations / 2
1.
2.
3.
Previous page
Public body
Contract draft, if
required.
Lloyd’s Broker
Contract draft, if
required.
Lloyd’s Correspondent
Contract draft.
Underwriter
Contract draft analysis
and approval
Lloyd’s Broker
Contract approval.
General Representative
or his delegated*
Lloyd’s Correspondent
Contract approval.
6. Contract cross check
against tender Offer
and contract
signature.
H
*In most cases, the General Representative gives specific power of attorney to lawyers for signing on his behalf the contracts.
Next page
126
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Awarding of contract, subsequent obligations / 3
1.
2.
3.
Previous page
Lloyd’s Correspondent
Cover Note and draft
policy.
Market Support
Executive
7. Cover Note and draft
policy receipt.
In-mail DB
Market Support
Manager
General Representative
or his delegated
8. Policy and Cover Note
cross check against the
contract previously
signed and, if useful,
against the Formal
Offer and sign-off.
I
L
9. Draft policy sign-off
after having verified
the existence of the
Local Services
Manager sign-off and
performing sample
check.
Next page
127
 Public Tenders
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Awarding of contract, subsequent obligations / 4
1.
2.
3.
Previous page
Market Support
Executive
10.Policy (three copies)
dispatch to Public
Body, through
competent Lloyd’s
Correspondent, for
signature.
11.Out-going mail
recording.
Lloyd’s Correspondent
Policy dispatch.
Public body
Policy signature.
Market Support
Executive
In-mail DB
12.Signed bid record and
filing.
In-mail DB
128
 Public Tenders
 Table of Contents
Reference
A
 Scope
 Process Summary
 Process Flow
Control activity
Market Support Manager checks the accuracy of the formal
application signing it as evidence of the check performed.
 Key Controls List
Owner
Timing
Market Support
Manager
Ad hoc
Ad hoc
B
General Representative, or others granted the power of attorney,
analyses for accuracy the application before signing it.
General
Representative or
others granted the
power of attorney
C
Market Support Executive checks for completeness and accuracy
the information contained in the Tender Data Base through a
systematic and documented audit activity (random sampling).
Market Support
Executive
Quarterly
D
Tender Data Base grants automatic and properly profiled access to
those Lloyd’s Correspondents/ Lloyd’s Brokers/ Underwriters who
had shown interest in participating in the bid.
Tender Data Base
Continuous
E
Market Support Manager verifies the completeness and accuracy of
the Standard Offer Form and checks that Lloyd’s Correspondent is
different from the Public Body Broker signing the form as evidence of
the check performed.
Market Support
Manager
Ad hoc
F
General Representative, or others granted the power of attorney,
signs the Formal Offer after having verified its accuracy and having
performed the cross check against the Standard Offer Form filled by
the sender.
General
Representative or
others granted the
power of attorney
Ad hoc
129
 Public Tenders
 Table of Contents
Reference
G
 Scope
 Process Summary
 Process Flow
Control activity
Market Support Manager analyses the accuracy and completeness
of the additional information to be provided to the Public Body and
signs them off as check evidence.
 Key Controls List
Owner
Timing
Market Support
Manager
Ad hoc
Ad hoc
H
General Representative, or others granted the power of attorney,
cross checks the contract against tender Offer before signing it.
General
Representative or
others granted the
power of attorney
I
Market Support Manager cross checks the draft policy and Cover
Note received against the contract previously signed and, if
necessary, against the tender Offer and signs it off as check
evidence.
Market Support
Manager
Ad hoc
General Representative, or others granted the power of attorney,
signs off the draft policy after having verified the existence of the
Market Support Manager sign-off and.
General
Representative or
others granted the
power of attorney
Ad hoc
L
As a general rule, any documentation addressed to Public Body needs to be double checked and signed before
dispatching by either the General Representative or others granted the power of attorney.
Only the General Representative or others granted the power of attorney and the Market Support Manager are
allowed to contact – always in writing – the Public Body or his Broker for obtaining further detail on the bid. Any
information obtained in such a manner has to be timely circulated to all Lloyd’s Correspondents/ Lloyd’s
Brokers/ Underwriters interested in the bid.
130
Policies Checking and Signing
131
 Policies Checking and Signing
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
Policies Checking and Signing.
It regulates Open Market insurance contracts only
For public tenders contract signing please refer to the dedicated procedure.
Roles
The Process involves:
• General Representative;
• Market Support Manager;
• PA to GR
132
 Policies Checking and Signing
 Table of Contents
 Scope
 Process Summary
1. Policies receipt and analysis
General
Representative
or his delegated
 Process Flow
 Key Controls List
2. Cross check positive result
3. Cross check negative result
1. Signs the policy after the Market Support Manager
sign-off.
Market Support
Manager
2. Cross checks the policy against the
Cover Note and other documentation
provided signing it as check evidence.
PA to GR
1. Records in-coming mail.
1. Sends the Lloyd’s Correspondents an e-mail
listing the mistakes encountered in the cross
check performed and requiring them to accept
correcting.
2. Records in-coming mail (formal corrections
acceptance).
3. Updates the Correspondents Data Base with
the formal corrections acceptance received.
4. Records in-coming mail (formal corrections
acceptance and corrected daft policy page).
5. Cross checks the corrected draft policy against
the mail requesting the corrections to be
performed.
6. Updates the Correspondents Data Base.
2. Updates the Correspondents Data Base with the
policy signed.
3. Dispatches the policy signed to the Lloyd’s
Correspondents for their signature and records the
out-going mail.
4. Records in-coming mail (signed policy).
5. Updates the Correspondents Data Base with the
signed policy.
133
 Policies Checking and Signing
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Policies receipt and analysis
Lloyd’s Correspondent
Cover Note, draft policy
and other back up
documentation (three
copies).
PA to GR
Market Support
Manager
1. In-coming mail
recording.
In mail DB
A
2. Draft policy cross
check against the
Cover Note and other
documentation
provided and signoff as evidence of the
check performed.
Cross
check
positive
result
Yes
2.
No
3.
134
 Policies Checking and Signing
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Cross check positive result
1.
3.
General Representative
or his delegated
1. Policy signature after
the Market Support
Manager sign-off*.
PA to GR
!
2. Correspondents Data
Base updating.
3. Policy dispatch to
Lloyd’s
Correspondent and
out-going mail
recording.
In mail DB
Correspondents
DB
Lloyd’s Correspondent
Policy signing.
!
Receptionist
4. In-coming mail
recording.
5. Correspondents Data
Base updating.
In mail DB
Correspondents
DB
*The signature might be performed using the “General Representative signature stamp”, tool created with the specific purpose of helping the General
Representative in performing the policies signing tasks.
135
 Policies Checking and Signing
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Cross check negative result / 1
1.
Market Support
Manager
1. Lloyd’s
Correspondent email sending listing:
−
−
−
Formal
and
irrelevant
mistakes
Yes
Lloyd’s Correspondent
Market Support
Manager
Corrections formal
acceptance.
2. In-coming mail
recording.
3. Correspondents Data
Base updating.
mistakes;
corrections;
request of formal
acceptance of the
above mentioned
corrections.
B
In mail DB
Correspondents
DB
2.
Out mail DB
Correspondents
DB
No
Next page
136
 Policies Checking and Signing
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Cross check negative result / 2
Previous page
Lloyd’s Correspondent
Market Support
Manager
Receive back policy
from Market Support
Manager; correct it and
sends to LIO for
signature
4. Check new policy
against original
email listing errors
and sign-off.
C
5. Correspondents Data
Base updating.
2.
In mail DB
Correspondents
DB
137
 Policies Checking and Signing
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
A
Market Support Manager cross checks the draft policy against the
Cover Note and other documentation received by the Lloyd’s
Correspondents and Lloyd’s Broker and signs as evidence of the
check performed.
Market Support
Manager
Ad hoc
B
Market Support Manager updates the Correspondents Data Base at
corrections acceptance receipt previously to the General
Representative signing the policy.
Market Support
Manager
Ad hoc
C
Market Support Manager cross checks the corrected draft policy
page against the mail requesting the correction/s and signs it off as
evidence of the check performed.
Market Support
Manager
Ad hoc
As a general rule, any documentation addressed to Public Administration needs to be double checked and signed
before dispatching by either the General Representative or others granted the power of attorney.
138
Contracts Cancellation Management
139
 Contracts Cancellation Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
Contracts Cancellation Management.
This Procedure regulates the cancellation of any contract, even undersigned out of a public
tender.
Roles
The Process involves:
• General Representative;
• Market Support Executive;
• PA to GR.
140
 Contracts Cancellation Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Insurance contract cancellation
General
Representative
or his delegated
7. Analyses and signs the cancellation/ explanatory note after having cross checked
it against the cancellation request and other information available.
Market Support
Executive
2. Identifies the Lloyd’s Broker/Correspondent competent for the contract to be
cancelled and requires further information, if needed and if applicable:
−
policy number;
−
cancellation reason;
−
copy of the contract article referring to the contract cancellation.
5. Analyses the information received by Lloyd’s Brokers/ Correspondents and
prepares the cancellation.
6. In case the cancellation is not applicable (for time or other constraints) prepares
an explanatory note to be sent to those having requested the cancellation.
PA to GR
1.
3.
4.
8.
Receives and records in-coming mail (cancellation request).
Records out-going mail (request for information).
Receives and records in-coming mail (information receipt).
Dispatches the cancellation/explanatory note signed to the Lloyd’s Broker /
Insured Party.
9. Records the out-going mail (cancellation/ explanatory note).
141
 Contracts Cancellation Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Insurance contract cancellation / 1
Insured
party/Underwriter
Contract cancellation.
PA to GR
Market Support
Executive
1. In-coming mail
receipt and
recording.
In mail DB
2. Identification of the
competent Lloyd’s
Broker/
Correspondent and,
if necessary and to
the extent applicable,
information request:
policy number;
− reason of
cancellation;
− copy of the contract
article referring to
the contract
cancellation.
−
Pa to GR
Lloyd’s
Broker/Correspondent
3. Out-going mail
recording.
Information requested.
Out mail DB
Next page
142
 Contracts Cancellation Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Insurance contract cancellation / 2
Previous page
PA to GR
Market Support
Executive
4. In-coming mail
receipt and
recording.
In mail DB
General Representative
or his delegated
5. Information analysis
and, if possible
considering time
constraints,
cancellation
preparation.
6. In case time
constraints are too
short for allowing the
cancellation,
preparation of the
explanatory note.
7. Cancellation/
explanatory note
signing after cross
checking it against
the cancellation
request and the
additional
information.
A
PA to GR
8. Cancellation/
explanatory note
dispatch to the
competent Lloyd’s
Broker/ Insured
Party.
9. Out-going mail
recording.
Out mail DB
143
 Contracts Cancellation Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Reference
Control activity
Owner
Timing
A
General Representative, or others granted the power of attorney,
signs the cancellation/explanatory note after having cross checked it
against the cancellation request and the additional information.
General
Representative or
others granted the
power of attorney
Ad hoc
As a general rule, any documentation addressed to Public Administration needs to be double checked and signed
before dispatching by either the General Representative or others granted the power of attorney.
144
 Premise
 Job Descriptions
 Procedures
Roles Matrix
Legend
Regulatory & Compliance
Financial Control
Market Support
Operations Support
Brand & Information Management
Office Management & HR
145
Operations Support
146
 Operations Support
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO Back
Up and Recovery Management.
The Procedure regulates:
• Need and Buying of assets;
• Choose the Suppliers;
• Assignment, inventory and maintenance;
• Access and Using of Data Bases;
Roles
The Process involves:
• General Representative;
• General Manager;
• Operations Support Manager;
• Financial Control;
• Users.
147
 Operations Support
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Suppliers not in the Golden
List
1. Need and Buying
General
Representative
12. Authorizes (sign-off) the payment.
3.
General Manager
5. Authorizes (sign-off) the order to
supplier.
Operations
Support
2. Evaluates the request and decides to
buy.
3. In case of request reject, writes User
an e-mail.
4. Researches the best offer from the
habitual suppliers (Golden List).
5. Submits the total cost for General
Manager's approval.
6. Performs the order.
8. Cross checks the order against the
delivery note.
10. Draws up the Inventory
2. Verifies new supplier credentials and the
necessity of having a supplier tied to a Public
Body.
1. Collects information about a new supplier (e.g.:
prices, time of delivery, technical assistance). In
case of supplier tied to a Public Body, explains
the need of introducing the supplier in the
Golden List and creates a dossier for General
Manager analysis.
Financial Control
7. Files offer and order documentation
8. Cross checks the invoice against the
delivery note.
9. Prepares the payment or Credit Note.
11. Records the invoice.
13. Submits the documentation to the
Corporation for accounting purposes.
User
1. Explains the need to Operations
Support Manager writing an e-mail.
3. Assignment, inventory
and maintenance.
Authorizes a new business relationship.
7. Authorizes assets disposal.
2. Evaluates hardware/software to be installed
at the user’s work station.
3. Assigns hardware/software to the user.
4. Evaluates asset disposal possibility.
5. Evaluates the trouble and decides to help or
calling the outsourcing maintenance.
8. Files the maintenance documentation.
10. Performs the asset stock taking of both
hardware and software.
4. Updates the Golden List of Suppliers.
5. Files the Golden List to be at users' disposal.
1. Requests a new computer or software (or
maintenance) to the Operations Support
Manager by e-mail. If it’s not possible, his
Manager writes e-mail on his behalf.
6. Signs and provides the Operations Support
manager with the maintenance voucer.
148
 Operations Support
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
4. Access and Using of
Data Bases
General Manager
3. Authorizes the permission of the new user
profile or main users.
Operations
Support
Manager
2. Defines users profiles and permissions,
accordingly with the job description.
4. e 6. Assign the User Profile.
Divisional
Manager
5. Asks Operations Support Manager to create a
DB or a folder in the LAN network and to define
the permissions for other users.
User
1. Asks for the assignment of User Profile.
149
 Operations Support
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Need and Buying / 1
1.
2.
3.
4.
5.
3. E-mail to Users.
Users
1. E-mail request.
NO
Operations Support
Manager
2. Request
evaluation.
YES
If the Supplier is not in the
Golden List, please see
paragraph 2.
B
A
Financial Control
7. Storage of offers and
order documentation.
4. Best offer research in
Golden List Suppliers.
5. Offer submission and
General Manager order
approval.
6. Order.
General Manager
Habitual Supplier
Next page
150
 Operations Support
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Need and Buying / 2
1.
2.
3.
4.
5.
Previous page
Habitual Supplier
Product, delivery note
and invoice.
9. Reject goods or request of
Debit / Credit Note.
NO
C
OS Managers
Financial Control
8. Check and sign the accordance within
goods, delivery note and invoice.
D
OS Manager
10. Inventory.
F
Lloyd’s London
13. Accounting on
Balance Sheet.
YES
E
Financial Control
11. Storage of
documentations
and payment.
General
Representative
12. Authorization
for payment.
151
 Operations Support
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Choosing a Supplier
1.
2.
3.
4.
5.
Operations Support
Managers
1. During the research
of best offers, he finds
a supplier not in the
Golden List.
He has to collect more
information than
possible about the new
supplier. (Prices, time
of delivery, technical
assistance, and so on.
If this supplier is tied
with a Public
Administration, OS
Manager has to explain
the relationship and
the reason of the
necessity of having this
supplier in the Golden
List.
He has to create a
dossier and bring it to
the General Manager.
General Manager
2. He has to verify the
credential of the new
supplier.
If present, verify the
necessity to have a
supplier tied with a
PA.
General Representative
G
3. He has to authorize
the new business
relationship.
Financial Control
4. He write down the
supplier in the Golden
List.
5. The Golden List is
filed to be at users'
disposal.
152
 Operations Support
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Assignment, inventory and maintenance
1.
2.
3.
4.
5.
New User or
PC Damaged
1. Request to
Operations Support
Manager.
OS Manager
2. Decisions about
what type of hardware
& software.
3. Assignment to the
Users.
4. Alienation of Asset.
5. Request to the
Outsourcers for
maintenance.
Outsourcer
Intervention.
General Manager
H
7. Authorize
Alienation of Asset.
10. Inventory
of Hardware
& Software vs
Users.
D
User
Lloyd’s London
9. Accounting on
Balance Sheet.
F
6. Delivery
and/or install
of PC.
OS Manager
8. Storage of
documentations
about the
maintenance.
153
 Operations Support
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
4. Access and Using of Data Base
User
1.
Divisional
Manager
1. Request to
have a log in.
5. Request to
create a DB or
a folder in the
LAN Network.
Define the
permission for
the other users.
OS Manager
2. Define the User
Profile.
2.
3.
4.
5.
IASSICUR
MULAN
DB Correspondents
DB Claims
DB Complaints
MOCHA
LAN network
E-Mail Server
All of these have the access for
personnel only by default
General Manager
3. Authorization.
I
OS Manager
4. Assign the User
Profile and
Permissions.
OS Manager
6. Assign the User
Profile.
User Profile Full Control or only for:
•Read
•Write
•Delete
154
 Operations Support
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
General Manager &
Financial Control
Ad hoc
Financial Control
Ad hoc
A
Verifies the existence of the supplier in the Golden List and
perform the order.
B
Files both offers and order documentation for decision making
purposes.
C
Verifies accordance between goods, delivery note and
invoice.
Financial Control &
Operations Support
Manager
Ad hoc
D
Takes inventory of Hardware and Software assets.
Operations Support
Manager
Ad hoc and
F
Records the operation and cross checks it against Inventory.
ITG
Ad hoc
155
 Operations Support
 Table of Contents
Reference
G
I
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
Verifies the credentials of the supplier and possible ties with
Public Bodies.
General Manager
Ad hoc
The user profile has to be consistent with job description.
General Manager
Ad hoc
156
Mocha Management
157
 Mocha Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
Mocha Management.
The Procedure regulates the creation of a new Binder in Mocha.
Responsibilities
The Process involves the Operations Support Manager.
158
 Mocha Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
New Binder
Operations
Support Manager
1. Receives a request to open a new Binder from a
Coverholder with enclosed the text of the binder, the rules
and the examples of insurance policy.
Informs the General Representative to obtain the
authorization in case of a new Coverholder applying to
Mocha
Sends the Coverholder the agreement and waits for the
sign-off.
2. Files the documentation as evidence of the beginning of
the job.
3. Creates the new Binder in Mocha using the texts, rules and
examples received from the Coverholder.
Together with Coverholders, tests the new Binder in the
application.
4. Files the test done as test result evidence.
5. When receiving the User List from the Coverholder,
Requests to ITG authorization to create a new user group
and then confirms the password for the User List.
6. Creates the Underwriting Sheet Approval Form and
requests Underwriters the Coverholder approval.
7. At the form signed receipt, completes the procedure with
the information received from the BAR System.
8. Files all documentation about the new Binder.
9. Files the new Binder in Mocha for users profile.
159
 Mocha Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. New Binder / 1
General Representative
Coverholder
A
New Binder
request: copy of
Binder, rules, text
and examples of
insurance policy.
OS Manager
1. Underwriting
Sheet and the
User
Agreement
creation.
Coverholder
User Agreement
signature.
OS Manager
3. Binder in
Application
Mocha creation.
New Coverholder
authorization.
OS Manager
2. Underwriting
Sheet and the
User
Agreement
B
filing.
Coverholder
Performance
testing.
OS Manager
4. Underwriting
Sheet and the
User
Agreement
filing.
160
 Mocha Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. New Binder / 2
Coverholder
List the
Authorized Users
(Password)
OS Manager
5. IT Group
request for
new user
group creation.
IT Group
C
OS Manager
6. Underwriting
Sheet Approval
Form creation.
Coverholder
Approval request by
Underwriters.
Underwriting Sheet
Approval Form
signed.
OS Manager
7. Underwriting Sheet
completion inputting
from BAR System.
8. Underwriting Sheet
Approval Form filing.
D
OS Manager
9. Binder Activation
in Mocha
161
 Mocha Management
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
A
Authorizes the new Coverholder applying to use the system.
B
Files the documentation for starting the operations.
C
Authorizes the user list.
D
Files the documentation after having completed the operation.
 Key Controls List
Owner
Timing
General Representative
Ad hoc
Operations Support
Manager
Ad hoc
IT Group
Ad hoc
Operations Support
Manager
Ad hoc
162
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Roles Matrix
Legend
Regulatory & Compliance
Financial Control
Market Support
Operations Support
Brand & Information Management
Office Management & HR
163
Protection of Lloyd’s Brand
164
 Protection of Lloyd’s Brand
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO for
the Protection of Lloyd’s Brand.
The Procedure regulates the instructions for use and the precautionary measure to protect the
Lloyd’s Brand.
Responsibilities
The Process involves:
• General Representative;
• General Manager;
• Employees.
165
 Protection of Lloyd’s Brand
 Table of Contents
 Scope
 Process Summary
Brand
General
Representative
3. Authorizes the use through a written
letter of commitment to the third party
regarding what in use, the expiration date
and the limitation.
General Manager
1. Evaluates third parties request of using
Lloyd’s name: evaluates the reasons
and the respectability
2. Evaluates the image and reputation risk
and consequences.
4 & 5. Gives third parties the Official
Policy, logo and Crest and the
commitment letter.
Receives a signed copy of the letter.
6. Files all documentation to prove the
analysis and the commitment.
7. Verifies the correct use and the respect of
the commitment.
Employees
 Process Flow
 Key Controls List
Following Protection
Presentations & Official
Communications
3. Receives the dossier and evaluates the
following actions: no response (low or
without risk), a friendly written letter
or mandate to attorneys.
1 & 2. In case of wrong use of Lloyd’s
name communication, creates a dossier:
users, way of use, risks and consequences
and evaluates, together with the General
Representative, the possible future actions
to take.
3. & 4. Evaluates the correct use of the Style
Guide, the contents and the
communications addressees (only the
General Representative or General
Manager can issue to Third Part).
5. Authorizes communication circulation.
1. & 2. Creates a presentation or an official
communication (for internal use or for
Group) using the standard template of
Lloyd’s Group.
6. & 7. Issues the communication and files
the document, the addressees and the
General Manager authorization.
166
 Protection of Lloyd’s Brand
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Trade Mark
1.
2.
3.
1. Nobody can use Lloyd’s name and brand without authorization by Lloyd’s Italian
Office
2. Only the General Representative can authorize the use of Lloyd’s name to Third Parties.
3. See also the procedure issued by Lloyd’s Official Policy as style guide.
Third Part
Request to use the
Lloyd’s Name
General Manager
1. Information
about the Third
Part and the
reason research.
2. Request and
the risks (image
and reputation)
evaluation.
General Representative
3. Usage authorization
through a written
letter explaining the
terms:
-
Period
Use
Limit
A
General Manager
4. Submission to third party of
letter and Official Policy.
5. Submission to third party of
logo and crest.
6. Documentation filing
(including signed letter).
7. Checks for future correct use
of Lloyd’s Nome (back up
documentation filing for
evidence).
B
167
 Protection of Lloyd’s Brand
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Following Protection
1.
2.
3.
Third Part
Unauthorized use
of name, logo or
crest of Lloyd’s
Group.
General Manager
1. Communication
receipt about
improper use of
brand.
2. Dossier creation
about the user,
the way of use
and the possible
consequences/
risks.
Friendly written
Communication
General Representative
3. Dossier receipt and
evaluation with the
General Manager
about the possible
actions to undertake.
What
type of
respons
e?
None
C
Legal Adviser
Appointment to
defend Lloyd’s
Brand
168
 Protection of Lloyd’s Brand
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Presentations & Official Communications
1.
2.
3.
Employee
1. Creation of
presentation or
official
communication.
2. Usage of
standard
template of
Lloyd’s Group.
General Manager
3. Evaluation of the
correct use of the Style
Guide.
4 . Evaluation of the list
of the addressees.
5. Authorization of
D
spreading.
Employee
6. Communication
issuance.
7. Document filing
( including
addressees and
authorization).
169
 Protection of Lloyd’s Brand
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
A
Verifies uses and risks.
Authorizes with a written letter.
B
Deliveries the policy for using and the letter. Verifies the
effective use and files the documentation.
C
Verifies the uses and the risks.
Decides the action to undertake.
D
Evaluates the contents, the style and the addressees.
Authorizes employees to use.
 Key Controls List
Owner
Timing
General Representative
Ad hoc
General Manager
Ad hoc
General Representative
Ad hoc
General Manager
Ad hoc
170
Information Management
 Information Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
relations with press agencies, journalists, trading associations, public bodies, local authorities.
The Procedure regulates:
• official relations to Public Authority as Supervisory Body (for public tenders, please
refer to the dedicated procedure);
• press attaché and press releases;
• code of practice in case of public authorities’ inspections.
Responsibilities
The Process involves:
• General Representative;
• General Manager;
• Office Manager
• Divisional Managers;
• PA to GR
172
 Information Management
 Table of Contents
 Scope
 Process Summary
1. Official reports to public
authority
General
Representative
Is informed by General Manager of
any Public Authority request.
Receives a copy of any letter to Public
Authority.
General Manager
&/or Office
Manager
Divisional
Managers
PA to GR
2. Evaluates Public Administrations
request and asks the Divisional
Managers for information in order
to answer.
4. Prepares the written answer and
signs in full to validate the letter.
 Process Flow
 Key Controls List
2. Press attaché and press
release
3. Authorizes the interview and receives feed
back from the General Manager.
7. Authorizes the text of the issue.
2. Contacts Pressman and verifies the
opportunity of issuing a statement or an
interview and informs the General
Representative.
4. Takes part to the interview.
5. Gives a feed back to General Representative
about the contents of the article.
6. Evaluates the possibility to issue a press
release and prepares the text.
8. Contacts a press agency to issue the release.
3. Prepare the information about
their divisions.
5. Sign the answer letter so to prove
the segregation of duty.
1.
6.
Records in-coming mail.
Records out-going mail.
3. Code of practice during an
inspections by Authority
6. Authorizes any delivery to Public
Authorities.
2. Contacts Inspectors and receives any
request from them
3. Receives the requests list from Inspectors
and assigns the tasks to Divisional
Managers accordingly to the object.
5. Collects the answers and cross checks it
against the Inspectors request.
7. Deliveries the documentation and
requires the check list signature.
4. Prepare all documentation needed for
answering and sign the check list as
segregation of duty evidence.
1. Submits any pressmen or press agency
request to the General Manager, who is the
only one that may have relationships with
the Press (together with the General
representative).
1. Records in-coming mail.
173
 Information Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Official reports to Public Authority
1.
2.
3.
1) Every written request by a Public Authority has to be considered as an official request.
2) To a written request, LIO has to replay with a written answer; to an unofficial question, LIO
answers in a unofficial way (e.g.: by telephone).
3) For requests arisen during a public tender, please refer to the dedicated procedure.
Public Authority
Official Request.
Receptionist
1. In-coming mail
recording.
A
General Manager
2. Question analysis
and submission to
other Divisions
and General
Representative
information.
Divisional Managers
5. Sign-off as data input
proof.
C
PA to GR
B
General Manager
Divisional Managers
3. Data and
information for the
answer preparation .
4. Written answer
preparation and
signature (Copy to
General
Representative).
6. Out-going mail
recording.
A
Public authority
Official Request.
174
 Information Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Press attaché and press release / 1
1.
2.
3.
Only the General Manager, Office Manager or General Representative are allowed to have
relationships with Press or issue a press release.
Pressman
Request for
information or
appointment.
If the request is for having an interview with
General Representative, he informs General
Manager about the contents and possible
answers to give.
PA to GR or
Anyone in LIO
1. Communicate
to Office
Manager
Office Manager
2. Pressman
contact:
description of
contents.
Office Manager
General Representative
3. Interview
authorization.
D
4. Taking part in the
Interview.
5. Feed Back to General
Representative.
175
 Information Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Press attaché and press release / 2
1.
2.
3.
Only the General Manager, Office Manager or General Representative are allowed to have
relationships with Press or issue a press release.
Office Manager
6. Evaluation of
issuing a press
release and
preparation of a
text for example.
General Representative
7. Authorization of the
text.
Office Manager
D
8. Contact press
agencies for
issuing the
release.
176
 Information Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Code of practice during inspections by Authority / 1
.
1.
2.
3.
Only the General Manager or General Representative can have relationships with Inspector of
Public Authority
Public Authority
Physic Presence in
LIO Office
Communication of
beginning
inspection
Receptionist
1. In-mail recording
and General
Manager
information.
A
General Manager
2. Inspectors
contact.
Public Authority
List of requests
General Manager
E
3.
Divisional
Managers support
(check list).
Next page
B
177
 Information Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Code of practice during inspections by Authority / 2
1.
2.
3.
Only the General Manager or General Representative can have relationships with Inspector of
Public Authority
Previous page
Divisional Manager
4. Documentations
about own task and
check list signature.
B
General Manager
5. Collect the answers
and verify the
correspondence
with the request.
7. Check list and
delivery the
documents
preparation.
F
General Representative
6. Delivery authorization.
Public Authority
7. Answers Check
List signature.
F
178
 Information Management
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
Owner
Timing
Receptionist
Ad hoc
General Manager
Ad hoc
Divisional Managers
Ad hoc
General Representative
Ad hoc
Any request by Public Authority has to be in writing.
General Manager
Ad hoc
Prepares a check list of documentation delivered to Inspectors
and ask for a signature for delivery evidence.
General Manager
Ad hoc
A
In-coming and out-going mail has to be recorded.
B
Evaluates the request and informs the General
Representative. For the Segregation of Duty, he asks to
Divisional Manager for the information to delivery, preparing a
check list.
C
Sign in short the letter to Public Authority to prove the
segregation of duty.
D
Any communication to third parties has to be approved by
General Representative.
E
F
 Key Controls List
179
 Premise
 Job Descriptions
 Procedures
Roles Matrix
Legend
Regulatory & Compliance
Financial Control
Market Support
Operations Support
Brand & Information Management
Office Management & HR
180
Privacy and Safety
181
 Privacy and Safety
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
Privacy and Security Management.
The Procedure regulates:
• Safety of employees;
• Security of information.
Responsibilities
The Process involves:
• General Representative;
• Office Manager
• Divisional Managers;
• Operations Support Manager (who maintains contact with ITG)
• Employees.
182
 Privacy and Safety
 Table of Contents
 Scope
 Process Summary
 Process Flow
Safety
General
Representative
3. Authorizes in writing the use of commitment for the third part, about
what in use, the period of expire and the limit (approach to not kind
arguments)
Office Manager
1. Receives a communication from third party or Employees and
evaluate the related risk.
2. Communicates to General Representative the problem and the
possibilities to resolve it.
4. Decides intervention with or without outsourcers.
5. Files the documentation to prove the intervention and the resolution.
Operations
Support
Manager
 Key Controls List
Privacy
1. For each Division asks ITG to create permissions to access
LAN network and folders for the employees.
Divisional
Managers
4. Verify restricted access to the Divisional Data Base.
7. Verify the correct preservation of documents and authorized
access.
Employees
5. Create dossiers, binders and archives to support jobs and
operations.
6. Files all documents in locked filling cabinet compliantly with
Privacy Law.
183
 Privacy and Safety
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Safety
Communication
to Office Manager
about a bad
working or a
“sensation” of
dangerous
situations.
1.
2.
Office Manager
1. Evaluation of the
communication and the
related risks.
2. General Representative
communication about
how he intends to solve
the problem.
General Representative
3. Communication receipt
and course of events
analyses.
Office Manager
4. Intervention request to
outsourcer or decision
to do without.
5. Files the documentation
of the event.
A
Outsourcer
Intervention
and report to
Office Manager.
184
 Privacy and Safety
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
2. Privacy
Electronic Format Resources
1.
2.
Operations Support Manager
1. Permissions to access to LAN
network creation (to ITG).
Divisional Managers
4. Verify that the access to the
Divisional Data Base is for
authorized only.
B
Paper Format Resources
Employees
5. Dossiers,
binders, archives
for job
supporting
creation.
6. Filing all
documents in
reserved locked
filling or
drawers.
The responsibility of managing, preserving and accessing
electronic resources belongs to Operations Support Manager.
Divisional Managers
C
7. Verify that the information are
preserved and for authorized only.
The responsibility of managing, preserving and accessing
paper resources belongs to each Divisional Manager.
185
 Privacy and Safety
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
General Representative
Ad hoc
A
Files all documents to prove the communication/request and
the intervention.
B
Verify the restricted access to Divisional Data Base.
Divisional Managers
Ad hoc
C
Verify correct preservation of documents.
Divisional Managers
Ad hoc
186
Human Resources Training & Management
187
 Human Resources Training & Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
Scope
The aim of this Procedure is identifying roles, responsibilities and activities related to LIO
Human Resourcer Management.
The Procedure regulates:
• Recruiting;
• Performance;
• Resignation;
• Disciplinary Sanctions;
• Statutory Training;
• Development Training.
Roles
The Process involves:
• General Representative;
• General Manager;
• Financial Control;
• Divisional Manager;
• Employee.
188
 Human Resources Training & Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
1. Recruiting
 Key Controls List
2. Performance
3. Resignation
General
Representative
4. Evaluates Business Case.
5. Sends Business Case to the Office Manager.
9. Meets the Candidate in the final interview and offers
him/her a position (hire letter congaing wage level
and job description).
Financial Control
6. Contacts an Employment Agency.
7. Receives Direct or Self Presentations (Resumes) and
forwards them to the Employment Agency.
8. Together with General Manager and Divisional
Manager, meets and evaluates the candidates
(previously selected by the Employment Agency)
and chooses the adequate one.
9. Introduces the Candidate and provides General
Representative with details General Representative
wage level.
10. Communicates to Outsourcer the name of the new
employee.
11. Creates an Employee’s Dossier.
2. Cross checks the Individual Plan against Lloyd’s
2. Discusses the resignation
performance& objective guidance.
reason.
4. Records the Individual Plan in the employee’s
5. Communicates the
Dossier.
resignation details to the
6. Asks the General Representative a confirmation
Outsourcer.
about bonus or wage increase assignment.
8. Communicates the new levels of salary and bonus
to Outsourcer.
9. Files the back up documentation in the
Employees’ Dossier.
1. Requests a new employee for the Division and
creates a Business Case.
2. Prepares the job description and the profile
researched.
3. Sends the Business Case (job description) to the
General Representative.
8. Together with Office Manager, meet and evaluate the
candidates (previously selected by an Employment
Agency) and choose the adequate one.
1. At the beginning of the new fiscal year, meets
employees to discuss her/his performance and
objectives.
5. At the end of the fiscal year, meets employees to
discuss the targets reached.
2. Discusses the reason of the
resignation.
1. At the beginning of the new fiscal year, meets
her/his Divisional Manager to discuss her/his
performance and objectives.
5. At the end of the fiscal year, meets his Divisional
Manager to discuss the targets reached or missed.
1. Writes a resignation letter
and provides it to the
General Manager.
General
Manager and/or
Divisional
Manager
Employees
3. Accepts the Beginning Individual Plans and
decides whether assigning bonus or wage
increase.
7. Receives from Lloyd’s London the bonus
amount to be distributed and decides about
bonus/wage increase assignment.
3. Evaluates the counteroffer
possibility in order to
encourage the resignation
withdrawal.
4. Confirms the acceptance of
the resignation letter.
189
 Human Resources Training & Management
 Table of Contents
 Scope
 Process Summary
4. Disciplinary
Sanctions
 Process Flow
 Key Controls List
5. Statutory Training
6. Development Training
General
Representative
4. Signs the official Disciplinary
Sanction letter.
6. Informs the HR Outsourcer and
General Manager.
7. Meets the employee and gives
him/her the Disciplinary Sanction
letter.
4. Verifies whether the communication
is correct and provides authorization
5. Authorizes the course.
9. Verifies the Feed Back.
10. Authorizes the Payment.
General Manager
and Financial
Control
2. In accordance with the General
Representative, takes in
consideration the legal opinion
received from the Legal Advisor and
evaluates the solutions.
3. Writes or receives from lawyers an
official letter about the Disciplinary
Sanctions.
5. Records the letter in the Employee’s
Dossier.
1. Interviews and selects the employees
interested in attending to statutory
trainings.
3. Communicates the Public Authority
the name of employees attending the
course.
2. Evaluates the relevance of the course
vs the Skill Gap Analysis.
3. Lists the names of participants (only
employees can take part of).
4. Requests a detailed estimate to the
Outsourcer.
5. Authorizes the course.
9. Verifies the Feed Back.
10. Authorizes the Payment.
Financial Control
8. Verifies the names of course
attendees.
Divisional
Manager
1. Requests LIO to take measures
against an employee due to relevant
and documented reasons.
Employees
7. Receives the Official Disciplinary
Sanction Letter.
2. Attends the course.
1. Receives the Skill Gap Analysis.
6. Attends a course.
7. Presents a Feed Back to the General
Manager.
190
 Human Resources Training & Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Recruiting
1.
General and Divisional
Managers
2.
3.
4.
5.
6.
Lloyd’s London
1. Request for a new
candidate.
2. Business Case and
Job Description.
Business Case
authorization.
A
General Representative
3. Business Case
evaluation.
Financial Control
4. Request to an
Employment Agency.
Next page
191
 Human Resources Training & Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
1. Recruiting / 2
Previous page
1.
6. Resumes
collection.
B
3.
4.
5.
6.
Third Parties
5. Direct and Self
Presentations
LIO
2.
Lloyd’s London
Office Manager,
General and
Divisional
Managers
Employment
Agency
List resumes of
Candidates
C
7. Exploratory talk
with Candidates.
8. Candidate
introduction to
the General
Representative.
Employment
authorizing.
A
General Representative
9. Last employment
interview.
Financial Control
10. Communications to
the Outsourcer
about the
Administrative
procedure initiation.
11. Employee’s Dossier
creation.
Z
192
 Human Resources Training & Management
 Table of Contents
 Scope
2. Performance
Divisional Manager
1. Performances and
Objectives
discussion with
Employees
(Individual Plan).
 Process Summary
5. Analysis of the
targets
achievement by
the Employees.
 Key Controls List
1.
2.
3.
4.
5.
6.
Beginning of the fiscal year
Financial control
General
Representative
2. Individual Plan cross
check against Lloyd’s
performance &
objectives guidance.
Ending of the fiscal year
Divisional Manager
 Process Flow
3. Acceptance of the
Individual Plan.
Financial Control
4. Employee’s
Dossier recording.
Lloyd’s London
Wages and Bonus
Budget
General Manager
6. Employees’ target
achievement cross
check against
beginning Individual
Plan.
Financial Control
General Representative
7. Proposal of bonus and
new wage level to the
Employees
8. Communication
of the
Administrative
procedure to the
Outsourcer
9. Employee’s
Dossier
recording
Z
193
 Human Resources Training & Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
3. Resignation
1.
2.
3.
4.
5.
6.
Employee
1. Resignation
Letter.
General Manager or
Office Manager
2. Primary discussion
about the
resignation reasons.
3. Communication to
the Outsourcer.
General
Representative
D
4. Ultimate discussion
about the
resignation reasons
and decision about
encouraging the
worker to withdraw
the resignation
letter or accepting
it.
5. Acceptance of the
resignation letter.
Financial Control
6. Communication
of the
Administrative
procedure
initiation to the
Z
Outsourcer.
194
 Human Resources Training & Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
4. Disciplinary Sanctions
1.
2.
3.
4.
5.
6.
Divisional
Manager
1. Request of
taking the
measures
against an
employee.
General Representative
and General Manager
2. Evaluation of the
disciplinary sanction
form i.e. official form
warning , disciplinary
sanction, suspension,
discharge.
Legal Adviser
Z
3. Legal Opinion
and Official
Letter.
General
Representative
4. Signature of the
Official Letter.
Outsourcer
General Manager
5. Employee’s Dossier
recording,
Z
6. Administrative
procedure
initiation.
Employee
7. Official Letter
receipt.
195
 Human Resources Training & Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
4. Statutory Training
1.
2.
3.
4.
5.
6.
Financial Control
1. Development plan
discussions
Employee
2. Acceptance of
course attending.
External Course
Certificate of
attendance.
Financial Control
3. Public Authority
communication.
General Representative
E
4. Communication
analysis.
196
 Human Resources Training & Management
 Table of Contents
 Scope
 Process Summary
 Process Flow
 Key Controls List
5. Development Training
1.
2.
3.
4.
5.
6.
Employee
1. Skill Gap Analisys
Financial Control
2. Course relevance
analysis.
3. List of participants’
names.
4. Detailed estimate to
Outsourcer request.
General Representative
5. Course authorization.
Employee
6. Course attendance.
7. Feedback to Office
Manager
External Course
List of
participants
and Invoice.
Feedback to
Office Manager
Financial Control
F
8. Participants‘
nominatives
check.
General Representative
9. Payment authorization.
10. Feedbacks check.
197
 Human Resources Training & Management
 Table of Contents
Reference
 Scope
 Process Summary
 Process Flow
Control activity
 Key Controls List
Owner
Timing
A
Verifies the Business Case and authorizes the employment.
Lloyd’s London
Ad hoc
B
Verifies that in the CV received there are Privacy Law
references, otherwise the CV has to be eliminated.
Office Manager
Ad hoc
C
List of Candidates: more persons to evaluate.
Memoranda of Interviews: decision tracking.
Level of Salary: preferential term.
Financial Control
Ad hoc
D
Verifies the reason of the resignation, understanding if there is
the possibility of a proceedings against LIO.
General Representative
Ad hoc
E
For statutory communications, there is a check for the respect
of time sending and text contents.
General Representative
Ad hoc
F
Verifies the list of the nominatives, to assure that there are
only LIO employees.
Financial Control
Ad hoc
Z
Where there is an outsourced activity, all of them are checked
twice by LIO: on the input to the Outsourcers and on the
output from the Outsourcer.
Financial Control
Ad hoc
198
List of policies and other supporting documentation
All employees must read and comply with the content of the following
policies and other supporting documentation:
Available on C-Net
Compliance Manual
 Whistleblowing Policy
 Handling Price Sensitive Information Guide
 Documents retention policy
 Information Security policy and Standards
 Information Security guidelines, procedures and other useful information
 Computer usage
 Diversity and equal opportunities
 Anti money laudering employee policy
 Clear desk policy

List of policies and other supporting documentation
Available on request to the Office Manager
These documents are regularly sent to the employees by email with relevant
instructions
BCP
 BIA
 Piano di esodo
 DPS posta elettronica e email
 Modelli organizzativi – L. 231

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