Lloyd’s Market Association Bulletin

The LMA5312, dealing with the allocation of insurance distribution directive (IDD) product governance responsibilities between managing agents and coverholders has been updated, with the reference LMA5312A.

The update provides the following:

• the inclusion of following Underwriters as Manufacturers, with the default position that followers will allocate all relevant responsibilities to the Lead Underwriters
• clarification that the Lead Underwriters will always be a Manufacturer (sole or jointly with the coverholder)
• provisions for co-leads
• recognition that insurance product information documents (IPIDs) are not required for UK commercial risks.

For further information, please contact Steve Morrell or Alison Colver.