The Panel received updates across key workstreams. The Cyber Wording Working Group continued to refine clause LMA5478A, reviewing broker feedback and aligning the clause within the wider three‑part suite. Near‑final wording will be circulated following minor adjustments, with sign‑off targeted for January and a market event planned to explain the changes. The group also noted potential engagement with Non‑FI E&O/PI teams and confirmed willingness to share the draft with brokers for further comment.

A regulatory update highlighted the FCA’s five‑year plan to become a “smarter regulator,” increased reliance on supervisory pressure, and continued focus on financial crime, Section 166 reviews, and misleading financial promotions. Members discussed the growing regulatory expectations around AI governance, the treatment of AI as a subset of cyber risk, and the implications of non‑financial misconduct falling within the Code of Conduct.

The Non‑Marine Committee update noted forthcoming work on the role of the lead, CUOC governance changes ahead of its 2026 term end, and ongoing discussions on AI, data, algorithmic underwriting, and the War Notification project. Under AOB, members discussed FinTech safeguarding wordings, including the risk of inadvertently triggering financial guarantee exposure, and the need for correct risk coding and business‑plan alignment.

A quarterly claims and emerging risks update will be provided at the next meeting.