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LMP standards for binding authority slips standardise wording, improve contract certainty and speed up processing through Xchanging.
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
Bulletin Y3547 - Quality assurance checking for binding authority contracts, 21 April 2005
Presentation - Binding authorities and LMP issues, 11 & 14 March 2005
Letter - LMP binding authority slip quality, 25 February 2005
Report - LMP binding authority slip quality, January 2005
Bulletin Y3430 - Delegated underwriting at Lloyd's 18 November 2004
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.
The contract certainty code of practice, with additional guidance for binding authorities is available on the LMG website.
LMP Contract Certainty Code of Practice
LMP Contract Certainty: Additional Guidance for Binding Authorities
Annual Compliance Application process Audit scopeBA model agreementsCoverholder changesCode for delegated underwriting LMP slip qualityMarket directoriesMoney launderingReporting StandardsSanctionsService companies Code
Lloyd's Market Association
London Market Group
Delegated Authorities Team General enquiries: +44 (0)20 7327 6275Systems helpdesk: +44 (0)20 7327 6276
Fax: +44 (0)20 7327 6688Email: email@example.com
Lloyd's standards for coverholders and TPAs to report premium, claims and risk information.
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