Following much work solution building, we have now changed the focus of our work in order to put pressure on the Project Clock team to answer questions, provide challenge, deliver on time and keep the managing agent community informed.

The Project Clock team has set up a Managing Agents Working Group, with eight members plus two LMA co-chairs, to do the heavy lifting work with them going forward. That group met last week and the first Brokers Working Group is scheduled for this week.

The Forum will continue to meet fortnightly and the LMA and Working Group Chairs will continue meet on the alternate weeks with Lloyd’s and the Project Clock team to ensure that the project pace is rigorously monitored. We will report back any major concerns.

If you would like your managing agency to be represented at the Forum, please contact steve.morrell@lmalloyds.com to be added to the invitations.

The most recent meeting was held on the 27 April, and below are the current outstanding actions that we are working through:

• The project team to share job description of underwriter oversight managers to be recruited.
• The project team to confirm whether LIC will be hiring oversight managers on a class-of-business basis.
• The project team to share elements of the secondment template with the managing agents Working Group on 06 May, then shared at the next Forum meeting.
• The project team to confirm whether central processing can continue if booked at Head Office, or whether monies cannot “hit” the UK. Ongoing.
• The project team HR, and tax specialists to provide further tax advice in late May. The tax team will meet with individual managing agents on request.
• The project team to consider to what extent we can move forward with option 1 using our current working assumptions, as opposed to waiting for thorough regulatory confirmation on every aspect of implementation.
• The project team to continue to provide market updates on a fortnightly basis.
• LMA to provide a market communication, focused on action points, following each Forum meeting.
• Forum members to provide any feedback on the activities list to Jane Hayes and Steve Morrell by midday Tuesday 04 May.
• The project team to provide a separate communication on regulatory developments as soon as FSMA has opined.

The LMA Lloyd’s Europe Operating Model Forum will continue to send regular updates following Forum meetings.

For further information, please contact Jane at Jane.Hayes@lmalloyds.com or Rob at Rob.Myers@lmalloyds.com.

Jane Hayes
Underwriting Director