General Insurance Article - LMA & IUA launch Insurance Act 2015 ‘quick reference guide'

 The quick reference guide and the detailed guide (published in June 2015) are available to download from the LMA website: www.lmalloyds.com/Act2015 and IUA website: www.iua.co.uk/insuranceact. 

  

 Kees van der Klugt, Director of Legal and Compliance at the LMA, says

 “The quick reference guide is designed for underwriters and support staff to have at their elbow, as a day-to-day aide for underwriting and agreement of contract terms. We are dropping hard copies on all underwriting boxes at Lloyd’s in addition to publishing it widely electronically. A great deal of thought has gone into this to make it as useful as possible for everyone involved in underwriting. ”

  

 Kees adds that the LMA and IUA have shared both the detailed guide and this new guide at the drafting stage with LIIBA, BIBA and AIRMIC. "We and the IUA are talking to our counterpart associations on what further work we can do to assist a smooth transition to the new regime and in terms of developing model wordings for use after 12 August 2016. Our members will be fully involved in the further work."

  

 Chris Jones, Director of Market Services at the IUA, said:

 “This further, practical guide is the culmination of a great deal of work with IUA and LMA members and with several leading law firms.

 Having lobbied extensively on the Insurance Act provisions and raised awareness of the Act via a series of market seminars the challenge for insurers is to now ensure that the underlying principles of the Act are, where appropriate, embedded into policy wordings and the underwriting approach. We will continue to work with our member companies to assist in this regard.”

  

 The quick reference guide was prepared by Harry Wright of barristers' chambers 7 King's Bench Walk in association with law firms Clyde & Co, Cooley LLP and Ince &Co, and with input of LMA and IUA members. This supplements the detailed guide published in June and follows the seminar programme run for Lloyd's syndicates and London insurers during May and June this year.