On the day of the Insurance Act came into force, the Lloyd’s Market Association (LMA) detailed how, as the result of a wide-ranging series of activities, the Lloyd’s insurance market has become fully equipped to deal with its implementation.
From its passage through Parliament to the date of coming into force, LMA has ensured its members are aware of, and are well equipped to deal with the Act’s implications.
It has completed a review of around 500 model wordings so that they are up-to-date. A series of Insurance Act briefing events were attended by more than 1,500 market practitioners. LMA has provided practical tools, such as detailed guidance and a suite of model wordings to use. The LMA’s Quick Reference Guide to the Insurance Act has been distributed in hard copy to every underwriting desk in the Lloyd’s underwriting room and has been downloaded from the LMA website many thousands of times.
LMA’s CEO David Gittings said: “We have worked hard with our members to provide input to the various consultation stages of the Insurance Act and to ensure that the Lloyd’s market is well prepared ahead of its implementation”.