LLM3120 - Reinsurance to close (RITC) and technical provisions: section 107 FA2000: further help available: the 鈥楲loyd's Calculator鈥�

There is a spreadsheet (鈥榯he Lloyd鈥檚 calculator鈥�) in the 鈥楾ools鈥� section of the HMRC website () to help identify the proportion of the RITC premium that is treated as a 鈥檛echnical provision鈥�. There is also a guidance note: 鈥楿sing the Lloyd鈥檚 Calculator鈥�.

The calculator requires the user to enter

  • the amount of a member鈥檚 participation in each year of account
  • the amount of the syndicate鈥檚 RITC broken down into the underwriting years for which they are paid, and
  • the amount of the syndicate鈥檚 claims paid in each year broken down into the underwriting years for which they are paid.