To: Managing Agency Compliance Officers and LMA Lawyers' Forum
FINAL LMA/Lloyd's Guidance on Market Bulletin Y4567
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Further to our Bulletin on 3 April 2012 (see LMA12-011-KvdK) the final Guidance from the LMA and Lloyd's on the Market Bulletin Y4567 is now available.
Download the final Guidance
The main body of the Guidance remains essentially unchanged. However, its reporting section has been amended from the draft circulated, mainly to simplify reporting of line slip profit commission arrangements and to clarify the reporting of other on-slip arrangements. Lloyd's has prepared a new quarterly reporting template (members only - log on required). This will be placed on Lloyds.com in due course.
The first reporting period for which the new reporting template should be used is the second quarter 2012 (1 April to 30 June) for which reports are due per the Lloyd’s business timetable.
If you have questions in relation to reporting, please contact Mark Stockton at Lloyd's: email@example.com.
As mentioned in the LMA Bulletin of 3 April, the LMA plans to produce a model wording which could be included on a master line slip (as opposed to a declaration) to give a managing agent comfort on points (1), (2) and (3) under section 2. of the Guidance.
We would like to thank everyone who sent us their comments on the Guidance. If you have any questions on the Guidance please contact either Kees van der Klugt: firstname.lastname@example.org or Paul Brady: email@example.com.
Kees van der Klugt
Head, Legal and Compliance