LMA Delegated Authority Committee (LMADAC)
The LMADAC is the senior delegated authority (DA) committee within the LMA governance, made up of leaders from across the DA ecosystem (underwriting, claims, operations and compliance) via LMA appointments, with the committee’s membership representing the Lloyd’s DA communities’ interests, reporting to the LMA Board.
The Chair of the DAC is Nigel Roberts, Aegis, supported by Carla Wise of the LMA.
Purpose
The LMADAC operates as strategic committee, connecting the disciplines impacted by DA to enable the membership to collaboratively respond to challenges and changes on behalf of and in consultation with Lloyd’s and the market, whilst influencing future solutions that positively respond to and consider the impact to the varying disciplines and the distribution chain.
The LMADAC membership is required to establish policies and set out strategic objectives and priorities that support the DA community across multiple disciplines. This includes:
- DA in-flight projects/initiatives.
- Future at Lloyd’s operating model for DA business.
- Future DA business model, incl. distribution challenges & acquisition costs.
- Lloyd’s regulatory changes including byelaw, standards, code of practice and the risk-based oversight framework.
- Regulatory response to the FCA and Lloyd’s on distribution, cost, performance and quality.
- Coverholder and TPA engagement strategy and support
- Simplification of product and distribution within the DA placement method.
In September 2020 the LMADAC, with the backing of the LMA Board sponsored a project to completely re-imagine DA. Following successful delivery of the DARE end to end vision and an analysis of its compatibility with the Lloyd’s Future at Lloyd’s (FAL) programme, in 2022 the LMADAC are to bring some of the key concepts from the vision to life via a phase 2 initiative. For more information about the original project please visit www.lmadare.co
LMADAC Terms of Reference
LMADAC Committee Members