Binding Authority Strategic Claims Group
The LMA Binding Authority Strategic Claims Group (BASCG) is supported by key managing agents underwriting binding authorities. It provides a representative forum which allows, where appropriate, discussion of common issues and concerns within the binding authority market. The LMA arranges bi-monthly meetings and the Group reports directly to the LMA Claims Committee.
The Chair of this Group is Neil Read, Argo.
Role of the Group
Primarily, the role of the group is to:
- Provide a representative forum which allows, where appropriate, discussion of common issues and concerns within the delegated authority market.
- Take the lead to identify and investigate related issues with an objective of producing solutions for the benefit of this market and the market in general.
- A strategic approach to overcoming market challenges and identifying opportunities to modernise the DA market is taken by members of the group to ensure the group focuses on key priorities rather than business as usual topics which are the focus of other market committees and forums
- Initiate projects or sub-groups where appropriate to address specific issues.
- Advise and provide feedback to the Delegated Authority Strategic Group amd LMA Claims Committee.
- Lloyd’s Coverholder Reporting Standards – agreement of V5 of the reporting standards has been agreed in July 2016, with a mandate to be operational by July 2017
- Expert Database – to reduce multiple due diligence requests and increase efficiency around the collection and validation of operational information
- Delegated Authority Strategic Group - influencing input in to the TOM DA workstream
- DA Data Management – enhancing to ensure compliance with regulatory reporting and minimum standards, whilst investigating ways to automate reporting
- Develop a Pre-CAT framework – to ensure the market are prepared to respond to the next CAT event.