9 March 2015
Seminar programme on Insurance Act launched for London market
Dates for a series of seminars on the impact of the new Insurance Act have been announced by the Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA).
- Three seminars, being run jointly by the LMA and the IUA for underwriters, claims staff and wordings staff in Lloyd’s and the London insurance market, will take place as follows:11am–1pm, Tuesday 5 May at Lloyd’s
- 4pm–6pm, Wednesday 13 May at Catlin’s offices, 20 Gracechurch Street
- 3pm–5pm, Monday 18 May, Lloyd’s
Around 450 places are available over the three events, but if demand is high, additional seminars will be announced.
The three sessions are being organised with law firms Clyde & Co, Ince & Co and Cooley LLP, and barristers’ chambers 7 King’s Bench Walk. The LMA and IUA, with these firms, will be producing guidance for the underwriting community on the new Act in advance of the seminars.
These presentations will address:
- fair presentation of a risk and record keeping
- contract wordings and contracting out
- impact of the Act on reinsurance
- fraudulent claims
- law and jurisdiction
A panel discussion with representatives from the law firms and counsel will follow.
Kees van der Klugt, the LMA’s director, legal and compliance, said: “The introduction of the Insurance Act will bring about some of the most significant changes in English insurance law for decades. These seminars, combined with our forthcoming guidance will provide the market with a practical and accessible way of getting to grips with the Act.”
Chris Jones, director of market services at the IUA, said: “There is a great deal of interest among IUA members in the legal changes to be introduced by the Insurance Act. Although there is an 18 month transitional period before the new legal provisions come fully into force, companies are keen to ensure that they are well prepared as there will be important implications for underwriting and drafting contracts.”
The relevant provisions of the Insurance Act come into force in August 2016. It contains provisions which amend the Marine Insurance Act 1906 and significantly change insurance contract law in the UK.
Places at the seminars can be booked online by visiting www.lmalloyds.com/act.
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Notes to Editors
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405
T 020 7623 2368
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £26 billion per annum.