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[null,null,"Agent Name"]
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[null,null,"Contact e-mail"]
[null,null,"Completed by/Contact name"]
[null,null,"Contact Telephone number"]
[null,null,"Completion date"]
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[null,null,"Validation undertaken internally/externally?"]
[null,null,"If external, validation provider:"]
[null,null,"If other, validation provider:"]

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[null,"Internally","Barnett Waddingham","Yes"]
[null,"Externally","Deloitte","No"]
[null,"Both","Dynamo"]
[null,null,"Ernst & Young"]
[null,null,"Grant Thornton"]
[null,null,"KPMG"]
[null,null,"LCP"]
[null,null,"Milliman"]
[null,null,"PricewaterhouseCoopers"]
[null,null,"RPC"]
[null,null,"Willis Towers Watson"]
[null,null,"Other"]

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[null,null,null,null,null,null,"Syndicate:","Syndicate:","Syndicate:","Syndicate:","Syndicate:","Syndicate:"]
[null,null,null,null,null,"Enter Syndicate Number here:"]
[null,null,"Category","Sub-category","Question ID","Question","Page reference(s)","Page reference(s)","Page reference(s)","Page reference(s)","Page reference(s)","Page reference(s)"]
[null,null,"Validation report","Board report content","1.1.1","Summary of key validation results and findings, including the number of test passes/fails. Key results should include both ultimate and one-year."]
[null,null,null,null,"1.1.2","Results of test failures and outcomes of escalation."]
[null,null,null,null,"1.1.3","Key expert judgements highlighted for Board consideration."]
[null,null,null,null,"1.1.4","Limitations of the internal model and validation process."]
[null,null,null,null,"1.1.5","Four confirmation statements, these are: validation has been conducted in line with validation policy; with sufficient independence; that the internal model is reliable; and that all material components and risks have been tested."]
[null,null,null,null,"1.1.6","Description of how feedback received from internal and external stakeholders (including Lloyd's) from the previous validation cycle was addressed."]
[null,null,null,null,"1.1.7","Confirmation that the modelling and validation has been undertaken in compliance with Solvency II tests and standards."]
[null,null,"Components of validation","Independence and appropriateness","2.1.1","Demonstration that the individuals responsible for validation have sufficient independence from the model components being validated."]
[null,null,null,"Governance/ escalation","2.2.1","Governance around the different stages of the validation cycle is outlined. This should include details around the application of the validation test or tool, analysis of test result, escalation of test result, and implementation of any changes concluded."]
[null,null,"Focus areas","COVID-19","3.1.1","Validation has considered appropriateness of COVID-19 allowance in the model, including new model changes and updates made to model changes from last year. "]
[null,null,null,null,"3.1.2","Validation has reviewed the \"probable maximum loss” for COVID-19 and whether the model adequately captures the risk of best estimate liabilities deteriorating to this level. "]
[null,null,null,null,"3.1.3","Evidence of validation testing specific to secondary impacts of the pandemic, such as higher risk of reinsurance dispute and higher uncertainty around inflation and interest rates as government interventions ease and economies reopen."]
[null,null,"Thematic review areas","Prospective loss ratios","4.1.1","Summary of validation testing applied to gross and net model loss ratios by class of business, with consideration of historical claims experience, allowance for reinsurance, self-uplifts and requirements in the LCR instructions."]
[null,null,null,"Non-modelled natural catastrophes","4.2.1","Consideration of all sources of non-modelled natural catastrophe risk and whether there is sufficient allowance for it in the model. "]
[null,null,null,"Non-natural catastrophe risk","4.3.1","Consideration of whether the current state of modelling is commensurate with the risk of non-nat cat event losses, and whether there is sufficient explicit validation testing of it."]
[null,null,null,"Inflation risk","4.4.1","Explicit consideration of inflation uncertainty, if this is material to the risk profile."]