Financial Institutions Committee
The Financial Institutions (FI) business panel comprises 27 underwriting representatives from the Lloyd’s market. The panel members meet on a bi-monthly basis to discuss global FI risks. It identifies issues considered to be of interest or concern to LMA Members, for discussion within the Panel and referral as appropriate to the relevant LMA Standing Committee and the LMA Executive. Click here for the Panel Terms of Reference .
Role of the panel
- Respond to requests from the LMA Non-Marine Committee (NMC), the LMA Executive and other LMA Committees and Groups for advice and recommendations on issues
- Liaise with the NMC, to develop or revise policy wordings or clauses for adoption as LMA accredited wordings, establishing working groups as necessary to undertake this work
- Provide a forum for exchange of views and information between market practitioners
- Liaise with the NMC, to undertake other technical activities, establishing working groups as necessary to undertake this work
Key issues
The following issues are currently being, or have recently been considered by the Financial Institutions business panel:
- New risk code request for commercial crime put forward for Lloyd's consideration
- Class actions
- Change of claims lead clauses
- Litigation trends
Wordings
LMA5429 - Bankers Blanket Bond Cyber Affirmation language
LMA5428 - Bankers Blanket Bond Cyber Risks Endorsement