PPL goes live with facilities and platform improvements
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All parties connecting to the Exchange to transact electronic placing/endorsement messages is required to sign the Interchange Agreement.
Please follow this link to a conformed copy of the London Market Interchange Agreement (IA) dated 6 September 2010 (IA) which evidences agreement to it by Aon, Marsh, Willis, Catlin, Liberty Syndicates and QBE as the ‘Initial Parties’. This was put forward as a model agreement that will best provide legal clarity around electronic data exchange in the market.
The Initial Parties to the agreement were Aon, Marsh, Willis, Catlin, Liberty Syndicates and QBE. Other firms can commit to this agreement – to govern their dealings with all other signatories – unilaterally by signing the Letter of Adherence. As set out in the Interchange Agreement, LMG Secretariat will maintain, and publish on its website, a list of all firms that have signed up to the agreement in this manner. Instructions for informing it that your firm has executed the agreement are provided below.
In order to ensure that all necessary areas of your business are covered we would ask you to sign a separate Letter of Adherence in respect of each separate registered company (legal entity) where relevant.
The agreement has been reviewed by Freshfields Bruckhaus Deringer LLP.
Notifying LMG Secretariat of execution of the agreement
Firms should complete the relevant sections of the Letter of Adherence and produce a copy on their own letter head. They should then send a scan of the signed copy of the letter of adherence, along with the required email and postal addresses for service as set out in clause 3.2, to IA@londonmarketgroup.co.uk
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The government have announced the introduction of new ILS legislation for the London Insurance Market. Please click here for more
LMG response here
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The London Matters 2017 report will be launched 9th May register your interest here
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