The introduction of a placing standard - initially LMP and now MRC - has delivered value to the London Market by providing a standard form of submissions. It offers a clear structure and means that brokers present contracts in a consistent manner. This in turn adds clarity to the broker/underwriter discussion and thus enhances the efficiency of the placing process. The MRC has also delivered other advantages – most notably ensuring the content was aligned with the needs of contract certainty.
|Resources and Documentation - Market Reform Contract||Date|
|Another downloads Section||Date|
This document includes: Subscription Agreement Q&A, Contract Usage Q&A, Evidence of Cover Q&A, Risk Details Q&A, Security Details Q&A, Fiscal & Regulatory Q&A, Contract Documentation Q&A, and Contract Checking Q&A
Further information can be found by clicking the following link:
The introduction of a standard for the documentation of contract changes has delivered value to the London Market by providing a standard form for contract changes that is consistent with the Market Reform Contract standard. It offers a clear structure and means by which brokers present contract changes in a consistent manner. This in turn adds clarity to the broker/underwriter discussion and thus enhances the efficiency of the contract change process.
The guidance documents are available below. Please also refer to the MRCE Frequently Asked Questions page (click here). This provides additional information to address practical issues in the application of the guidance documents and also serves to clarify and refine the guidance.
The above guidance sets out how Notice of Cancellation provisions can be specified within the MRC and provides a model Notice of Cancellation letter, defining the minimum mandatory content.
Read more here
Read Press Release
Property and Casualty business is now live on PPL. Read more here
The London Market Group (LMG) today announced the launch of its first ever campaign to promote London as the world’s insurance hub, providing buyers with a clear case for coming to London for solutions to the risks they face. Read more here
Press Release here
For full press release see here
Get event updates sent to your inbox