General Insurance Article - LMA and IUA launch Insurance Act 2015 Guidance

 Kees van der Klugt, Director of Legal and Compliance at the LMA, said: “We have been working with a highly experienced team on the guidance and on a series of seminars for members of the LMA and IUA. The detailed guide gives a full analysis of the changes brought about by the Act and some very practical points and examples which should be taken on board before the new regime comes into effect.” 

 Kees added that the LMA and IUA have shared the main 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 and, possibly, contract templates 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: "There has been strong interest from member companies in attending seminars on the new Insurance Act. The legislation represents a fundamental change for some day to day operations and companies are keen to ensure they are well equipped to meet their obligations."

 The 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 member firms. The guide supplements the seminar programme currently being run for Lloyd's syndicates and London insurers and will be followed by a shorter ‘quick-reference guide’, due for release in July, on points to consider in the underwriting process and in preparation of insurance contract wordings.

 The guide is available to download below: