The Committee met at LMA Meeting Room 1, maintaining strict compliance with competition law.

Key Topics & Discussion Themes

1. Obsolescence Clause
   Members reviewed the latest version of the obsolescence clause, noting changes that improved clarity for carriers and insureds. Discussion focused on sublimit for decommissioning and debris removal, the challenge of locations without closure dates, and the need for a clean, well-communicated clause. Members were invited to provide further feedback ahead of the next meeting.
2. Brazilian Regulation
   A major regulatory change in Brazil was confirmed, with a market presentation planned. The regulation affects direct and reinsurance markets, shifting policies from claims occurring to claims made. Lloyd’s had lobbied for changes but received no response. Members were advised to review TOBAs and proposal processes.
3. Environmental Clause
   Members discussed the increasing use of environmental clauses in the onshore energy market, noting appetite-dependent adoption and the role of local authority requirements.
4. Market Issues
   The Committee addressed US broker changes to loss payee clauses, the naming of multiple loss adjusters on policies, and the impact on claims handling.
5. Renewable Energy Update
   Deferred to the next meeting.