Lloyd's managing agents have until 26 August 2011 to submit a draft Validation Report to Lloyd's. Lloyd's requires all managing agents to submit a Validation Report as part of their application for internal model authorisation under Solvency II. The primary purpose of the Validation Report is to demonstrate that managing agents have completed sufficient work to gain confidence that the model is capturing all the risks to which syndicates are exposed, that these risks are modelled adequately and that key stakeholders have a thorough understanding of the materiality and sensitivities around each element of risk. Following submission of a draft Validation Report, managing agents will then have until 31 October 2011 to submit a final version.