The Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have jointly published guidance for the UK's Insurance Act 2015.
The two re/insurance industry groups said the guide is designed “to help readers understand the principal changes embodied in the Act, the practical differences they might make and the potential challenges which may be faced under the new law”.
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.
“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,” said Kees van der Klugt, director of legal and compliance at the LMA.
Kees added that the LMA and IUA have shared the main guide at the drafting stage with brokers’ and insurance buyers’ industry groups, 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,” he said.
The guide is available to download from the LMA website.