The first half of 2026 was a very busy and productive time for the LMA’s Legal and Regulatory team. We’ve engaged on a diverse range of topics across the market while continuing to support our colleagues in Underwriting, Claims, Operations, Finance and Risk and the LMA Academy.

Below, we’ve outlined the key successes and activities the team has worked on and delivered. While not exhaustive, this summary offers a snapshot of the impactful work supported in H1.

For further updates on our ongoing consultations and focus areas, access our monthly Legal & Regulatory Radar.

Geopolitical work

The Legal and Regulatory Team’s geopolitical work has been dominated by Iran, including:

Shipping: Following the outbreak of the Iran conflict, we dealt with various issues arising out of notices of cancellation across marine classes and worked to correct press and political misinterpretation that these represented a withdrawal of war cover. We addressed member, regulatory and press questions on reinstatement, Strait of Hormuz transits, consequential delay, grip of the peril, the DFC scheme and payments for transiting territorial waters. The Joint War Committee amended restricted areas, including US military bases, and we spoke at a London Risk Week event alongside Antares. The Legal Committee also heard from Richard Waller KC on potential legal issues arising out of the closure of the Strait.

International waters and shadow fleet: We considered the risk implications of US/UK appetite to board foreign-flagged vessels in international waters and options for scrapping unusable ‘shadow fleet’ vessels involved in Russian oil shipping, including through RUSI and other discussions.

Aviation: At the Aviation Hull War Committee’s request, the LMA issued LMA5703 stating that underwriters could reasonably treat the resumption of Middle East operations after airspace closures as a material change of risk under LSW555D. LIIBA’s Aviation Committee has challenged this position. The LMA also reminded leaders of duties to inform followers of contractual changes and obtained legal advice from the top 10 aviation jurisdictions on automatic termination.

Sanctions: We received advice from Richard Neylon and John Kimbell KC on sanctions and terrorism issues linked to toll payments for Strait transits and they presented a webinar on the subject to the market. The LMA continues to work with Lloyd’s on sanctions and licensing changes, aiming to minimise divergence between US, UK and EU regimes. Key issues include changes to the Russian oil price cap, US sanctions on Iranian oil and Venezuela sanctions, and the practical implications of an increasingly fragmented sanctions landscape.

Tolls: We assessed the insurance implications of toll payments for Strait transits and engaged extensively with OFAC and OFSI on their interpretation. Following the sanctions event (above), we worked with Jawdat Kurshid KC to produce a clause supplementing the sanctions clause and discharging cover upon a toll payment being made. The clause and guidance were shared with OFAC and OFSI, and following consultation with insurers, brokers and regulators has been published.

War clause/five powers project: A CUO committee-led working group is considering how to improve certainty around the use of ‘five powers’ war clauses, where cover terminates on war between any two powers. The actual moment of termination is difficult to define when the ‘war’ is not ‘boots on the ground’. The work is expected to proceed in two phases:

• agreeing a clause wording and examples of what will, and will not, constitute war between the five powers, and assessing use of a suspensory mechanism rather than automatic termination;
• reviewing whether a more flexible mechanism, potentially involving an independent expert panel, could reduce disputes. Discussions continue with the market, LMG, reinsurers and brokers.

Other geopolitical work

Engagement has covered government backstops for war and NatCat exposures, insurance affordability and cyber insurance penetration in the SME market. On NatCat, we met EU Commission representatives to discuss options for closing protection gaps in Europe.

International engagement

Insurance Europe and Global Federation of Insurance Associations (GFIA) conferences: Arabella Ramage and John Levett attended the Insurance Europe annual conference and GFIA Spring General Assembly in Brussels in May, engaging with other national trade bodies 1:1 on geopolitical risk and local market issues.

RIMS: Arabella Ramage, with Gavin Williams from Starr, presented The Questions you did not Know to Ask: Insurance Across Jurisdictions, covering hazards and pitfalls in international placements.

Legal

Legal Committee: Katy Wilson of Ascot succeeded Rhic Webb of Aegis as chair, with Matthew Hunter of Asta and Alexandra Smith of QBE joining as new members. The committee has considered AI governance and lessons from Russian aviation litigation in the context of the Middle East conflict.

LIC Managing Agency Outsourcing Agreement: The Legal Committee considered LIC-requested amendments, many from the NBB. The final agreement will be distributed to the market in August.

Enhanced underwriting: We published ‘Navigating the risks of enhanced underwriting’ in the International Comparative Legal Guides (ICLG) to Insurance & Reinsurance 2026, covering additional risks in enhanced underwriting models. The chapter is available on the LMA website.

Product liability legislation: The Legal and Claims Committees had input into the LMA’s representations in relation to questions asked by the Law Commission on the potential reform of product liability legislation in the UK and in particular the incorporation of information technology/AI into products. 

EU Retail Investment Strategy (RIS) watching brief: Proposed RIS amendments to the EU Intermediation Directive that could have affected third-country broker and carrier branches were deleted, but related work is expected in the IDD review from 2027. The Legal and Regulatory Committees will maintain a watching brief.

Trainees: Jay Desai joined the Legal Wordings Trainee Scheme and Dorottya Tornai qualified into QBE’s legal department. Current secondments are:

• Max Gross – Convex
• Muhammad Hammad – Munich Re Syndicate
• Daniella Olu-Davies – Aegis

Emerging Litigation Forum

• Shoosmiths presented key litigation trends for 2026, including AI implementation risks. A summary is available here.
• Clyde & Co presented on recent litigation concerning social media addiction. A replay is available here.

Lawyers’ Forum: Kyle Moran and Alan Harrell of Phelps Dunbar presented on PFAS, toxic torts and public nuisance claims. Bob Haken and Will Reddie also presented on operational resilience following recent PRA policy statements.

Law and jurisdiction event: Harry Wright of 7KBW, Rani Noakes of 4 Pump Court and Katie Wilson of Ascot presented on the importance of law and jurisdiction in policies, available here. A US-focused follow-up is provisionally planned for 15 September.

FERN 3: Work has commenced in earnest on the review of FERN 3 aka the CPSA. We have engaged Clifford Chance in conjunction with the IUA to conduct a review of the draft contract.

Regulatory Committee

New members: Natasha Grasso (Berkley), Kevin Ball (Asta) and Natalie Dick (Riverstone) joined the committee in March, bringing new market perspectives.

International Forum: Simon French (Travelers) has taken over as chair for these sessions. Invites are now sent out as LMA bulletins so please sign up to attend these useful updates through the events page of the website.

Insurance Europe: The LMA has formally joined Insurance Europe, supporting our regulatory strategy and international influence. We are attending committees and reporting significant consultations through the Regulatory Radar.

Simplifying insurance rules: Following the FCA’s December 2025 policy statement, the LMA worked with members on market guidance, now published. We continue to lobby on the consumer definition and extra-territorial application of Consumer Duty, with further consultation expected in Q3.

PRA DyGIST: We supported risk colleagues on the PRA dynamic stress test, including Lloyd’s Market Day in February, and fed market reactions back to Lloyd’s and the PRA.

Non-Financial Misconduct: Following the FCA’s publication of updated guidance in December, the LMA coordinated with the IUA and LIIBA on a new webinar update to the market. This is available to rewatch here. We have also responded to the UK government consultation on use of non-disclosure agreements in employment disputes.

Operational Resilience: incident and material third-party reporting: March policy statements addressed several LMA concerns, but breadth and implementation remain issues. A working group is collecting views on proportionality and implementation costs.

Modernising redress and the Ombudsman Service: This work continues with more consultations released in Q1 alongside a policy statement. We are working with members of the RegCom and Conduct Committee on what work is needed in the application of these changes. 

Lloyd’s Two Stage Complaints Process: The LMA supports moving from blanket Lloyd’s oversight to an outcomes-based approach focused on managing agent performance. Consultation ended in March, with implementation expected early next year.

Senior Managers and Certification Regime (SMCR): Phase 1 has gone live and phase 2 is expected for consultation later this year. The LMA is updating guidance and has circulated the FCA survey so managing agents can identify burdensome parts of the regime and support lobbying.

Saudi Arabia foreign reinsurer registration: The LMA worked with Lloyd’s international regulatory team to keep the market informed and requested an extension to the registration deadline. The deadline moved to the end of May and all managing agents are now registered. More information is available in Crystal+.

Financial Services Bill: We worked with the LMG and Lloyd’s on proposed changes to the draft bill to allow the PRA and FCA to rely on Lloyd’s for work such as on senior manager authorisation.

Other matters

Brazil: The LMA continues to work with local counsel on Brazilian regulatory changes. An amended Duty of Enquiry endorsement has been published, further endorsements are in development and we are working with Lloyd’s and the Brazilian insurance association on clause awareness and feedback.

India: Lloyd’s GIFT City platform in India went live in 2026 and the Lloyd’s multinational team also signed an agreement with a local fronting partner for use by the market on multi-national placements.

India have also begun the implementation of their mandatory Reinsurance placement platform ETASS Re.

The LMA is facilitating information sharing on these developments via our International Forum. Further information is available on Crystal +.

Cyber: We have created a simple modular SME product and are considering how cyber insurance can support key suppliers affected by cyber events. The SME product is being finalised.

Consultations: The LMA has reviewed and triaged 105 consultations and responded to 20, including The Mills Review into the long-term impact of AI on retail financial services:

• The European Commission Fighting online fraud – action plan
• The European Ocean Act
• CP25/37: Targeted clarifications of Handbook materials – FCA
• CP25/35: Quarterly consultation paper No.50
• European Commission: Climate Resilience Framework Consultation 2026
• CP25/33: Regulatory fees and levies: policy proposals for 2026/27 –  FCA
• Product liability – law commission
• EU public procurement rules – revision
• Consultation on the Appointed Representative regime
• Ownership and Control Test in UK Financial Sanctions Regulation
• Complaints Handling at Lloyd’s
• Economic Crime Information Sharing
• CP 26/9: Modernising the Redress System
• Trade in a Turbulent World: How Should the UK Deploy Its Trade Instruments?
• HM Treasury Market Engagement Group
• Call for Evidence: Committee Inquiry – EU
• Call for Evidence: Committee Inquiry – US
• Targeted Consultation on the Competitiveness of the EU Banking Sector
• Microsoft Business Software and IT Services Market Investigation

The latest responses can be found on our website.

Arabella Ramage
Legal and Regulatory Director
Lloyd’s Market Association

Issued: 03 August 2026

The Emerging Professionals Claims Community regularly hosts market groups and professionals to share their insights into their specific sectors, areas of expertise of career journeys, providing emerging professionals with exposure into areas outside of their day to day.

In this presentation, Simon Garrett (CMS) and Annabel Evans (Enstar Group) give an introduction to FinPro claims.

The LMA, alongside a panel of speakers from HFW, recently hosted a webinar on United Arab Emirates (UAE) law and jurisdiction in the context of insurance disputes.

Using a fictional Dubai property insurance claim as a case study, the session considered how governing law and jurisdiction clauses may affect coverage disputes and the conduct of proceedings in the UAE.

The discussion looked at the interaction between onshore Dubai courts and the DIFC courts, possible jurisdiction challenges, and the risk of parallel proceedings.

Please note that the webinar and slides are provided for information only and do not constitute legal advice.

If you have any questions about the webinar, please contact Ray Koh.

Download the slides here

London, 28 July 2026: The Lloyd’s Market Association (LMA) has announced the selection of new members to its Chief Underwriting Officers’ Committee (CUOC), the senior underwriting committee representing the Lloyd’s market.

The CUOC plays a central role within the LMA’s committee structure, bringing together Chief Underwriting Officers and Active Underwriters from across the market. Reporting to the LMA Board, the committee provides strategic leadership on underwriting issues and supports market-wide initiatives, helping to maintain Lloyd’s position as the leading global marketplace for specialty (re)insurance.

Members have been selected following a rigorous process led by the LMA Nominations and Governance Committee, together with the CUOC Chair and Deputy Chair. The selection process considered a range of factors, including diversity of underwriting expertise and firm representation across large, medium and small managing agents.

The selected CUOC members are:

• Nicola Stacey, Chaucer (Chair)
• Russell Bean, Talbot (Deputy Chair)

• Ian Bridge, Dale
• Martin Burke, MS Amlin (continuing member)
• Andrew Dolphin, Hiscox (continuing member)
• Gavin Hayes, Beazley
• David Hopkins, Asta
• John King, Brit
• Ross Louden, Nephila (continuing member)
• Chris Smelt, MAP (continuing member)
• Henry Mumme-Young, SCOR
• Henry Nelson, Liberty Specialty Markets
• Melanie Raven, Ark
• Toby Read, AXIS
• Alois Rouffiac, Canopius (continuing member)
• Kevin Shallow, QBE
• Carolyn Shreeve, Allied World (continuing member)
• Steven Tebbutt, Starr
• Matt Yeldham, AEGIS London

Matthew Bellamy, Underwriting Director at the LMA, commented: “The CUOC plays a vital role in representing the interests of underwriters across the Lloyd’s market, from driving conversations on emerging risks to promoting excellence in underwriting performance.

“We have brought together individuals with a broad range of experience, perspectives and technical expertise, which will be critical as the market continues to evolve.”

Nicola Stacey, Chief Underwriting Officer at Chaucer, added: “We would like to thank the selected committee members, retiring members and all those who were nominated in what was a highly competitive process. The level of engagement demonstrates the importance that the wider market places on the work of the CUOC and its role in supporting the market.”

ENDS

Notes to Editors

Media relations contacts

LMA:
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com

Omnia Partners:
Victoria Sisson, Director | +44 794 129 4872 | Email: victoria.sisson@weareomniapartners.com

Notes

About the Lloyd’s Market Association

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.

London, 22 July 2026: The Lloyd’s Market Association (LMA) and International Underwriting Association (IUA) have today launched the Claims Capability Framework, a cross-market resource designed to support the development of claims professionals during their first two years in the London market.

The framework, developed by the LMA with support from across the London market, establishes a clear pathway for the technical knowledge, skills and experiences expected of new claims entrants. It aims to provide a consistent foundation for the development of claims practitioners across the London market, while remaining flexible enough for firms to integrate into their existing learning and development programmes.

The framework has been co-created by 37 professionals from 25 market firms, including heads of claims, claims managers, emerging claims professionals and HR and learning specialists from across Lloyd’s, the company market and the broking community. It covers six core capability areas, from market and technical claims knowledge through to governance, operations and interpersonal skills.

Janine Powell, Claims Director at the LMA, commented: “As the market continues to evolve, it is essential that we invest in developing the next generation of claims professionals and maintain high professional technical standards and skills.

“The Claims Capability Framework provides a clear and consistent pathway of skills, technical knowledge and learning experiences that new entrants should expect to develop during their first two years in the market. Importantly, it has been created by the market, for the market, demonstrating the commitment to delivering high-quality foundational learning for the claims profession.”

Joe Shaw, Director of Claims at the International Underwriting Association, said: “The London market faces a vital challenge to recruit new claims talent and it is just as important to ensure that as people enter the market they receive the training and development they need to establish successful careers.

“The Claims Capability Framework seeks to do this by laying out a clear pathway for achievement. It will provide opportunities to furnish practitioners with both essential skills and a professional network that will stand them in good stead for years to come.”

Alongside the framework, the LMA has also published an implementation guide and supporting FAQs to help organisations embed the framework in a way that best suits their own development strategies.

The Claims Capability Framework can be accessed via the LMA website and IUA website.

ENDS

Notes to Editors 

Media relations contacts 
 
LMA: 
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com 

Omnia Partners: 
Victoria Sisson, Director | +44 794 129 4872 | Email: victoria.sisson@weareomniapartners.com 

About the Lloyd’s Market Association 

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA. 

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com. 

The LMA’s Property Reinsurance Business Panel has published an updated USA and Canada Loss Occurrence Clause, NMA2244F.

NMA2244F replaces NMA2244E, which has been archived.

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).

Contact

Toby Clark
Executive, Technical Underwriting
toby.clark@lmalloyds.com

London, 23 July 2026: The Lloyd’s Market Association (LMA) has published a new model clause for use by marine hull underwriters, addressing the position of transit fee, toll or other payments made in connection with vessels passing through the Strait of Hormuz.

The clause has been developed to provide clarity to the market on the insurance position where it has been confirmed that a payment (including financial or other forms of payment) has been made to enable a vessel to pass through Iranian territorial waters or otherwise transit the Strait.

The LMA has developed the clause in response to concerns about applicable sanctions and terrorism legislation arising where insurers become aware, or through appropriate due diligence ought reasonably to become aware, that any financial or non-financial payment has been given by the insured. It is intended to operate alongside existing sanctions clauses.

Under the clause, insurers will not cover any such payment. In addition, where a payment has been made, cover for the relevant vessel will cease due to the risk of a breach of sanctions and/or terrorism legislation in the US, UK or EU.

Arabella Ramage, Legal and Regulatory Director at the LMA, commented: “The clause and guidance have been developed to support the market in navigating a complex and evolving legal and regulatory environment.

“It provides a clear contractual position for insurers and insureds where transit payments, including non-financial payments, are given in connection with passage through the Strait of Hormuz. The clause and guidance align with existing sanctions and terrorism frameworks, while also evidencing the insurer’s due diligence and compliance.”

The clause and guidance note are available on the LMA website.

ENDS

Media relations contacts

LMA:

Carole Porter, Head of Marketing and Communications

+44 20 3307 3947 | carole.porter@lmalloyds.com

Omnia Partners:

Will White, Partner

+44 777 155 247 | will.white@weareomniapartners.com

About the Lloyd’s Market Association

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.

The LMA has published a new model wording, LMA5708 Strait of Hormuz Transit Fee Condition.

This clause has been published for use by marine (hull) underwriters. The clause is intended to address the position where a transit fee, toll or other charge is paid for a vessel to pass through Iranian territorial waters or otherwise to transit the Strait of Hormuz.

A guidance note and Sanctions and Terrorism Tables have been produced to assist insurers in using the clause.

The clause and guidance have been developed in light of legal and regulatory concerns arising where insurers become aware, or should through due diligence become aware, that a transit fee has been paid. It is intended to sit alongside existing sanctions wording.

Under the clause, insurers have no liability to indemnify any such payment and, where such a payment has been made, are discharged from obligations in respect of the relevant vessel. This clause carves back any charges levied as payment only for such specific maritime or navigational services rendered to the vessels that are legally permissible under the United Nations Convention on the Law of the Sea (UNCLOS) and any sanctions clause.

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. Where the text of an LMA model clause is amended, parties should make clear, next to any reference to the relevant LMA number, that the clause or wording has been amended. The LMA reference number identifies the published LMA model wording and should not be used in a policy in a way that may suggest that an amended wording is the unamended LMA model wording. Model documents are available on the Lloyd’s Wordings Repository (LWR).

Welcome to the Q2 update, highlighting key activities and developments within the operations areas relevant to our market.

Much like for many of you, Q2 was a whirlwind of activity in the Operations world. I hope the update below reflects areas you are interested in, provides useful information to help fill in some gaps, prompts follow ups, and reminds us that many of the challenges and opportunities are shared. 

Velonetic – Contract changes

Velonetic provides back-office processing services for premium and claims transactions to the market. These services are contracted directly between Velonetic and each managing agent. This contract is known as the FERN 2 contract and is due to automatically renew at the end of 2026. Under Blueprint Two, the intention was for the FERN 2 contract to be replaced by the Digital Processing Services Agreement (DPSA). However, with Blueprint Two having been “sunset”, either FERN 2 needs to be allowed to automatically renew, or a new contract must be signed.

In its current guise, the original FERN 2 contract cannot be automatically renewed because new regulations from the Prudential Regulation Authority (PRA) (SS2/21) would have to be incorporated. As a result, the Central Processing Subscription Agreement CPSA, commonly known as FERN 3, has been created, which meets these required changes as well as minor content and governance updates. However, these changes now require the submission of a Material Outsource Notification (MON), either individually or collectively by all managing agents.

The LMA, Lloyd’s and the PRA have sought to make this MON process as expeditious as possible. It is proposed that Lloyd’s be the submitting party for a collective MON for FERN 3. For this to progress, managing agent boards need to approve both the MON application and the FERN 3/CPSA contract. There is a restrictive regulatory window in which this can happen. The current timeframes are as follows:

• MON approvals required by October 2026.
• FERN 3/CPSA signing required in Q1 2027.

The LMA Board has been briefed and further guidance will be sent to compliance and COOs/SMF24 representatives. Please prepare to brief your board for the collective MON and identify your signing process with your board. If in doubt, contact Velonetic or me. 

The LMG’s Data Council – data standards

We continue to work with the wider community, including the IUA, LIIBA, LMG, brokers, carriers, vendors, Lloyd’s, ACORD and SMEs to finalise the Core Data Record (CDR) standards. The final two CDR standards will be published on the LIMOSS Market Business Glossary (MBG) in September (Version 3.5), which will include Claims and Delegated Authority CDRs and will also include tagging for incremental CDR maximum required data items following the ACORD standards placing steps:

• Initial (15* data items) – Categorises the contract type, creates a single reference for multi-party ingestion and tracking and support for early sanctions identification.
• Submission (32* data items) – Expands the policyholder information, sets currency, limits and deductibles, and highlights the regulatory location for compliance.
• Quote request (64* data items) – Full details for addresses and the nature of the insurable interest.
• Quote (91* data items) – Premium details, claims agreement information and expanded classification data.
• Bind (232* max possible data items) – Brokerage information, Tax and Fees, SoV’s**, exposure measures and any remaining detail.

*Maximum data items 
**Schedule of Values (SoV) if required

Data standards are the enabling services we collectively need to adopt to help simplify how we share our data and process business from enquiry to claims payment. We have a “coalition of the willing” working to create a library of use cases so you can see how others have progressed on their own data journeys. These will be published in July on the LMG website primarily and linked from the IUA, LMA and LIIBA websites (Digital Market – London Market Group).

To support adoption and to help drive standards, we held a joint event with Ruschlikon in June 2026. The event provided the opportunity to showcase real worked examples where standards have been put to work to remove operational efficiencies, increase straight through processing, and bring distribution and capacity providers together. My favourite observation came from Kim Darrington as she introduced her role in the IUA and speakers from Ruschlikon to a mixed audience of company and Lloyd’s market people at an LMG Data Council-sponsored event in the Old Library – a true meeting of all those interested in data. 

Broker performance MI dashboard – aged debt empowerment

The Broker MI Dashboard Service, developed with Velonetic, was launched in February. Adoption is going well but please do look at this service to help your premium collection from brokers. The tier 1 service is available to all managing agents, with a tier 2 service available for those who want more detailed data. Further information is available at here.

Urgent Settlement Framework (USF)

Following earlier delays at Lloyd’s, a phased approach to enhancing the Urgent Settlement Framework has now been agreed. The updated framework, scheduled for publication in July, is intended to provide greater assurance in the market’s ability to operate for up to 10 days under disruption scenarios of Velonetic and Lloyd’s. In line with feedback received from several LMA committees, the second phase of the programme, in H2 2026, will focus on assessing additional scenarios and identifying potential solutions to extend operational capability beyond the initial 10-day period. For more details, contact Matt Wood. 

Delegated authority (DA) – change

There are several change activities underway in the DA space, including:

• Computable Binding Authority Agreement (CBAA)
  The wordings are on track for a complete refresh this year. In line with DARE, the intention is to enable the sharing of the wordings and rules via an information model and set of APIs, leveraging existing contract-building partners. An ambitious project with high complexity and high value.
• CBAA model wording is now available on lmadare.co (2024/2025) for a period of market familiarisation.
• External legal review of the model wording by Andrew Schutte from Keoghs to commence mid-July, with the aim of joint instruction by a consortium of London market associations.
• The Wording Objects Library (WOL) design was approved in early June and build is now underway as part of LIMOSS’ Market Business Glossary (MBG).
• Contract Builder engagement is underway and we expect to share the WOL API with them in September.
• Get involved by joining a series of ‘CBAA Module Deep Dives’ taking place in the next couple of months – schedule to be announced next week with all sessions recorded.

For more details, contact Carla Wise.

Delegated Authority Streamlined Compliance (DASC) including delegated claims administrators (DCAs)

We continue to work with users, SMEs and Lloyd’s to ensure the question sets are appropriate for the use cases across the market. 

At February’s COO Forum, we had an interesting presentation from Mohit Sharma of Lloyd’s Singapore, providing updates on the various offices across APMEA, including Gift City India, Japan, Singapore and more. This was followed by an informative AI presentation from MEA looking at the work they are doing across the market for customers and suppliers. If you would like more detail, please reach out.  For more details, contact Matt Wood. 

Third-Party Risk Management (TPRM)

We are aiming to support centralised due diligence with standardised question sets and document collection on the basis of ‘ask once, share to many’. This will not replace the need to evaluate the due diligence, based on your own risk appetite, but it will allow vendors and market participants a one-stop-shop for TPRM. This will also provide a good overview of concentration risks at the aggregated level as well.

The RFP is well underway and we are targeting a live service towards the end of 2026. For more details, contact Jane Perry.

Expert fees

The pilot concluded in May and has now been rolled out across all classes with Velonetic in conjunction with the IUA and LIIBA.

Developed as a joint market initiative, the scheme addresses long-standing challenges in the settlement of expert fees. The scheme aims to:

• expedite the payment of surveyor and expert fees and clear back-year invoices 
• reduce administrative friction in obtaining underwriting share data  
• support the continued viability of expert survey services. 

Read more here.

LMA Academy

Operational Resilience Scenario Testing Essentials took place on 10 June and the intermediate programme is under development and due to launch in Q4.

Registration is open for the Early Talent Kickstarter programme, designed for those at the early stages of their careers. The programme commences in October. Further information is available on the LMA Academy page of our website.

Register for LMA Academy events via our website (login required).

Signposts and feedback

Dates for your diary

• The LMA Operations Committee (LMAOC) meetings take place on 15 July, August (TBC) and 17 September.
• FERN 3/CPSA dates:
  • MON approvals required by October 2026.
  • FERN 3/CPSA signing required in Q1 2027.
• September – Next COO Forum (exact date TBD). 

You can find details of current committee participation on the relevant LMA website pages (Board and LMAOC), alongside a brief summary and minutes of the monthly Operations Committee meetings (login required). Details of the Delegated Authority Committee participants are also available.

It’s not only committee members’ views that matter; we also want to hear from managing agents who are not participants but on whose behalf the Board and committees act. If your firm has a view on any matters we need to hear, please do get in touch.

Joe Brace
Operations Director  
joe.brace@lmalloyds.com

Archive

• Operations Update – Q1 2026
• Operations Update – Q1 2025
• Operations Update – Q2 2024

• the current landscape of ultra processed food litigation
• comparisons with tobacco, opioid and social media addiction litigation
• allegations in current individual and government-led proceedings
• the General Mills insurance coverage action
• key coverage considerations, including occurrence, expected or intended injury, bodily injury damages, known loss, and trigger and allocation issues.

Speaker

• Keith Moskowitz, Partner, Dentons US

If you have any questions about the webinar, please contact Leigh Allen.