LMA updates consumer wordings guidance

The Lloyd’s Market Association has published an update to its jointly prepared guidance on consumer wordings for managing agents. The guidance has been updated in the following areas:

  • Claims handling – clarification added regarding insured’s duty to mitigate the loss;
  • Data Protection (GDPR) – placeholder added;
  • Rights of Third Parties – further clarified Third Parties (Rights Against Insurers) Act 2010;
  • Law and Jurisdiction – added Lloyd’s requirement;
  • Definitions – expanded guidance;
  • Exclusions – expanded guidance;
  • Other Documentation – added new Renewal Documentation section to incorporate new FCA rules on “renewals transparency” which took effect on 01 April 2017 (FCA Policy Statement PS 16/21);
  • Addition of Appendix 13 entitled Renewals Transparency – FCA Policy Statement PS16/21.