LMP binding authority slip quality and contract certainty

In 2004 LMP standards were introduced to binding authority slips in order to standardise wording, improve contract certainty and speed up processing through Xchanging.

• Key documents

  The documents below have been published following a review of usage of the new London Market Principles (LMP) standards and present the results.

  Report - LMP binding authority slip quality Q1 2005, June 2005 (114KB, pdf) 

  Bulletin Y3547 - Quality assurance checking for binding authority contracts, 21 April 2005 (25KB, pdf)

  Presentation - Binding authorities and LMP issues, 11 & 14 March 2005 (833KB, pdf)

  Letter - LMP binding authority slip quality, 25 February 2005 (9KB, pdf)

  Report - LMP binding authority slip quality, January 2005 (143KB, pdf)

  Bulletin Y3430 - Delegated underwriting at Lloyd's - Update on key issues, 18 November 2004 (2.25MB, pdf)

• Quality Assurance Tool

  The Quality Assurance Tool (QA Tool) documents the current XIS checks and provides details of other checks that will help to ensure the contract of delegation reaches the standards required by Lloyd's to meet regulatory, fiscal, and contract certainty requirements.
  
  QA Tool

• Contract certainty

  The contract certainty code of practice, with additional guidance for binding authorities is available on the LMP website.

  LMP Contract Certainty Code of Practice

  LMP Contract Certainty: Additional Guidance for Binding Authorities