LMA Legal & Compliance
Role
The role of the Legal and Compliance section of the LMA is
- to monitor legal and regulatory developments in the UK and overseas
relating to the Lloyd’s market and issues for those responsible
for compliance in LMA member firms;
- to review specific matters of concern to Lloyd’s managing and
members’ agents;
- to support other LMA teams and committees in the legal and
compliance aspects of their work, in particular the LMA Regulatory
Committee and Lawyers’ Forum;
- to co-ordinate responses of LMA members to proposals by governments
and regulators, where appropriate, and generally to enhance
communications between LMA members, Lloyd’s corporation and other
supervisory and market bodies.
Issues
Current issues include:
- regulatory developments emanating from the financial crisis and
potential impact on managing and members’ agents, in particular in
the UK, EU and
USA;
- the proposed amendments to the EU Block Exemption Regulation and any
consequences;
- review of terms of business agreements with brokers, “risk
transfer” and premium payment clauses currently in use to identify
any legal or other issues;
- review of the model managing agency service agreements with
Xchanging against services currently undertaken and any potential risks
carried by LMA members which are not dealt with by these;
and numerous other matters relating in particular to changing
regulations in the UK and overseas.
From time to time when relevant UK law
reform proposals are put forward by the Law Commission, the LMA convenes
a group drawn from members to consider these and respond if
appropriate.
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