Legal and Regulatory
The team monitors legal and regulatory developments in the UK and overseas relating to the Lloyd's market. It also looks at issues for those responsible for compliance in LMA member firms and reviews specific matters of concern to Lloyd's managing and members' agents.
Role of the team
The role of the LMA Legal and Regulatory team 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.
- UK law reform and the effects of the Insurance Act and Enterprise Bill
- conduct regulation, including e-learning for conduct and complaints
- review of model terms of business agreements with brokers, 'risk transfer' and model premium payment clauses to identify any legal or other issues