LMA Operational Resilience Committee 15 April 2026
Broker collaboration – there is appetite amongst the broker representatives and carriers alike to explore possible ways to collaborate in future, for example, potentially in areas of joint testing.
PS7/26 Operational Incident Reporting new regulations – these come into force in March 2027, giving firms time to prepare. There is emphasis on proportionality with regard to the definition of what is material whereby delegated arrangements need to consider size and scale and impact on customers and should be driven by agent’s own materiality assessment. The LMA Regulatory team is considering whether published guidance is feasible
Lloyd’s Urgent Settlement Framework (USF) – the next iteration of the USF, version 3.0 is due to be issued for market consultation/feedback, after which this definitive version will be published in May bringing to a conclusion ‘Phase 1’ work. The ‘extend’ Phase 2 will immediately follow with the formation of both a core Working Group and consultative reference group.
