On 26 October, Lloyd’s issued Delegated Data Manager: Conditions of Trade (Y5311) to the market, following a detailed consultation period with the LMA and market representatives. To understand the key principles that were supported by the LMA, the impact to risk, premiums, and claims, and the deliverables that will underpin the conditions of trade, please click here.
The LMA’s Delegated Authority Claims Group (DACG) has developed a set of delegated claims standards that remove areas of technical or operational inefficiency that generate duplication and burden, amongst our DCAs and the market, where there is no competitive advantage.
The new Lloyd’s DCA Approval Framework came into effect from 30th September 2020. Lloyd’s are continuing to work with the LMA to develop and deliver an optimal model and process to support the management and oversight of DCAs. To understand the status and key messages, please click here . |