Financial Institutions & Professional Indemnity Claims Committee (FIPICC)
The Financial Institutions & Professional Indemnity Claims Committee (FIPICC) was set up in 2010 to provide a representative forum to allow, where appropriate, discussion of common issues and concerns within the financial institutions and professional indemnity market. The LMA arranges ten full meetings a year and the Group reports directly to the LMA Claims Committee.
The Chair of the committee is James Sterling (Aspen) and the Deputy Chair is Ilka Priestley (Aspen)
Role of the Committee
Primarily, the role of the group is to:
- take the lead to identify and investigate related issues with the aim of producing solutions for the benefit of this market and the market in general
- initiate project or sub-groups where appropriate to address specific issues
- advise and provide feedback to the LMA Claims Committee where issues concerning professional indemnity and financial institutions have a wider implication to the market
- Market solutions for dealing with Precautionary Notifications
- Fee Reserving Practices
- Law Reforms
- Assessing legal issues & judgments and their effect to these markets
- Best practice claims handling for the Lloyd's market.