General Insurance Article - Lloyd’s market ‘well equipped’ to deal with Insurance Act


On the day of the Insurance Act coming into force, the Lloyd’s Market Association (LMA) has 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”.
  

Back to Index


Similar News to this Story

Cyber Insurance is next big product for commercial brokers
UK brokers believe that cyber insurance is the new or emerging commercial insurance product with the most growth potential. Significantly low cyber in
Davies names Richard Barke as CEO of Insurance Solutions
Davies, the leading specialist professional services and technology firm serving insurance and highly regulated markets, has announced the promotion o
Incident response planning is a key cybersecurity control
Despite being focused on post-breach activities, cyber incident response planning has emerged as a key cybersecurity control in reducing an organizati

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.