Tag Archives: LMA

LMA updates market model agreements for GDPR and Criminal Finances Act 2017

In light of the Criminal Finances Act, which already has effect, and GDPR, which applies from 25 May 2018, the Lloyd’s Market Association (LMA) has updated the following market model agreements: Binding Authority Agreement – LMA3113 Consortium Agreement – LMA3145 TPA Agreement – LMA9008A On the same webpage, the LMA has also published model endorsements for […]

LMA publishes IDD guidance for UK coverholders

The Lloyd’s Market Association (LMA) has published guidance on the IDD for UK coverholders. The guidance covers some aspects of IDD, including: product oversight and governance; product information (including the IPID); identifying client needs and advising; and information requirements. While certain part of the guidance are specific to the Lloyd’s market, the LMA has discussed […]

LMA publishes London Market Core Uses Information Notice in light of GDPR

The Lloyd’s Market Association (LMA), along with the International Underwriting Association of London, the London & International Insurance Brokers’ Association and the British Insurance Brokers’ Association, has published a London Insurance Market Core Uses Information Notice, which takes into account GDPR requirements. The Notice has been designed to assist a market participant and to help data […]

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 […]

LMA publishes EU contract continuity clause

The Lloyd’s Market Association has published a model clause as guidance for its Members. The clause is designed to enhance contract certainty on the occurrence of an event associated with membership of the European Union or economic or monetary union in the European Union, such as Brexit.

LMA responds to Treasury Committee’s call for evidence on EU exit and transitional arrangements

The Loan Market Association (LMA) has responded to the UK Treasury Committee’s call for evidence on EU exit and transitional arrangements, in preparation for the start of official negotiations upon the triggering of Article 50. The LMA response sets out the need for transitional arrangements for the loan market following the UK’s exit from the […]

LMA responds to Treasury consultation on MLD4

The LMA has responded to HM Treasury’s consultation on the transposition of the Fourth Money Laundering Directive (MLD4) into national law. The LMA has said that there are certain instances where the obligation to disclose the beneficial ownership of legal entities needs to be clarified to avoid disruption to legitimate corporate activities which use beneficial […]