Following Brazilian Law No. 15.040/2024 coming into effect in December 2025, the LMA, in conjunction with local counsel, has reviewed its model Intermediary Clauses. LMA5101 – Brazilian Intermediary Clause 1 (Reinsurance) and LMA5102 – Brazilian Intermediary Clause 2 (Reinsurance) remain fit for purpose with no changes required. Use of an intermediary clause is mandatory under Brazilian law.

All LMA model clauses 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 clauses as they see fit; the LMA does not protect its intellectual property rights over model clauses. 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).

Alex Sheehan
Senior Executive, Regulatory Affairs
alex.sheehan@lmalloyds.com

Ray Koh
Legal Counsel
ray.koh@lmalloyds.com