The LMA has produced updated Indian collateralised reinsurance clauses.

LMA5671 (Unauthorised Reinsurance – Letter of Credit Clause – India) has been archived and is superseded by LMA5671A (Collateralised Reinsurance (Letter of Credit) India).

LMA5672 (Indian Collateralised Reinsurance – Funds Withheld Single Slip Version) has been archived and is superseded by the following clauses which give underwriters different options as to how interest on the funds withheld is dealt with:

• LMA5683 – Indian Collateralised Reinsurance – Funds Withheld (Interest to Reinsurers) Single Slip Version.
• LMA5684 – Indian Collateralised Reinsurance – Funds Withheld (Interest to Reinsured) Single Slip Version.
• LMA5685 – Indian Collateralised Reinsurance – Funds Withheld (Non-interest bearing) Single Slip Version.

All LMA model documents are purely illustrative and are published and distributed for the guidance of Lloyd’s managing agents, brokers and other market participants. All contracting parties are free to agree to different conditions/amend the model documents as they see fit; the LMA does not protect its intellectual property rights over model documents. It is for underwriters to decide whether or not any contractual language is acceptable on any given risk. Model documents are available on the Lloyd’s Wordings Repository (LWR).