LMA Legal & Compliance

Consultation responses

Materials

The team

Key issues

• regulatory developments emanating from the financial crisis, in particular in the UK, EU and USA, and the potential impact on managing and members’ agents
• competition law matters
• review of model terms of business agreements with brokers, “risk transfer” and model premium payment clauses to identify any legal or other issues
• review of the model managing agency service agreements with Xchanging against services currently undertaken
• and 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 as appropriate.

The role of the team

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

Consultation responses

You can find all our consultation responses to a range of professional bodies including the FSA and Law Commission on our consultation responses page.

Materials

Regularly requested bulletins/circulars/model agreements relating to legal and compliance

The team

Kees van der Klugt (solicitor) - Head of Legal & Compliance
Steve Morrell - Senior Executive, UK & International Regulation
Gary Budinger - Secretary, LMA Regulatory Committee
David Powell - Secretary, LMA Lawyers’ Forum and LMA Law Reform Committee