The scope of the current CDR v3.2 covers open market reinsurance and facultative reinsurance. The new v3.3 placing CDR provides for both proportional (quota share, surplus) and non-proportional treaty business (excess of loss, stop loss). The updated CDR v3.3 can be found in the LIMOSS Market Business Glossary (MBG): https://limoss.london/mbg NB: It should be noted that the new version also accommodates minor changes to previously published V3.2 version.
Joe Brace, Member of the Data Council and Operations Director of the Lloyd’s Market Association (LMA), commented: “The delivery of the Treaty extensions to the placing CDR is another big step forward in the market’s progress towards full implementation of the CDR across all placement types. My thanks go to all parties who participated in our consultation, and the Treaty CDR working group, for their input and hard work in delivering this for the market. It is imperative that we as a market buy into the importance of quality data, collected as early as possible in the process. Core principles like the CDR, MRC and alignment with ACORD standards are foundational to the future of insurance as a digitally traded business.”
Kirstin Duffield, Chair of the CDR working groups on behalf of the LMA, and CEO of Morning Data, part of Verisk, said: "We are in the process of incorporating feedback on the Claims CDR, following a market consultation that closed at the beginning of the year. Work is also in flight to extend the placing CDR to cover the Agreement of Delegation for Binders, Lineslips, and Digital Platform contracts. The results of this will be published later this year, and will align closely with the work on the CBAA [Computable Binding Authority Agreement]."
Troy Hughes, Chair of the Ruschlikon Placing Steering Committee and Global Director of eCommerce at Aon, said: "Expanding the CDR to include treaty reinsurance in alignment with the ACORD standard is a significant milestone. As digital trading of placing information accelerates across the industry, this enhancement to the CDR will help all parties involved advance this strategic initiative more effectively."
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