2016 LMA Multi Year Binding Authority Model Agreements and new Service Company underwriting agreement
The LMA has produced Multi-Year versions of the model binding authority agreements with effect from the 2016 year of account. Managing agents may enter into binding authority agreements of up to 36 months ('multi-year binding authorities') Please click here for further details. This event was also filmed, these videos are able to be viewed here.
Further to this the LMA has issued an updated version of the Service Company Underwriting Agreement("SCUA"), LMA3134 dated 7 September 2015, with the aim of providing a comprehensive model binding authority contract for a Service Company Coverholder being 100% aligned to its associated managing agent and which binds insurance only for its managed syndicates. Please click here for further details.