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Reform Update

Reform Update. Market Forum, 22 March 2006 Andy Brookes. Market Reform Update. Contract Certainty FSA Guidance Measurement QA Tool Back office Electronic Infrastructure ECF : Special topic Accounting and Settlement. Market Reform Update. Page 1. Contract Certainty.

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Reform Update

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  1. Reform Update Market Forum, 22 March 2006 Andy Brookes

  2. Market Reform Update • Contract Certainty • FSA • Guidance • Measurement • QA Tool • Back office Electronic Infrastructure • ECF : Special topic • Accounting and Settlement Market Reform Update Page 1

  3. Contract Certainty • FSA : John Tiner speech (20/03/06) • Encouraged by progress • Not moving to a rule at this stage • But reserving the right • Rule is on the backburner, but not off the stove • Industry must keep making progress • “Invitation” to MRG to reconsider targets Contract Certainty Page 2

  4. Contract Certainty Guidance published on late placements • Can count as a contract certainty pass, providing terms are fully agreed • Overplacing post inception : MRG stand by principle • Signed Lines • Model clauses with QC • Signing instructions : should they stop? • Legacy Code of Practice • Firms’ boards should formally adopt Contract Certainty Page 3 Page 3

  5. Contract Certainty Measurement • December data 65% • January data nearly ready • Brokers – check you have submitted • Exceptions: broker pilot and guidance • Lloyd’s bulletins clarifying data collection by managing agents • Late orders Contract Certainty Page 4 Page 4

  6. Contract Certainty QA Tool • Purpose : to define the quality checks applicable to Lloyd’s contracts • Specify pre-bind checks that managing agents need to do • Useful for brokers • Live 31 March (on Lloyds.com now) Contract Certainty Page 5 Page 5

  7. QUALITY ASSURANCE TOOL SELECTION SCREEN Contract Certainty Page 6

  8. QUALITY ASSURANCE TOOL RESULTS SCREEN Contract Certainty Page 7

  9. QUALITY ASSURANCE TOOL EXPANDED RESULTS SCREEN Contract Certainty Page 8

  10. QUALITY ASSURANCE TOOL UNDERWRITER PRE-BIND Contract Certainty Page 9

  11. Accounting and Settlement • Measurement and checks • Q4 data, analysing benchmark graphs April • Accounting checks published end March • Repository • Being built • Strategy • Detailed documentation by July Page 10

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