The Japan Open Market Model (OMM) is designed to support the administration of issuing a local admitted policy in a simpler way for risks in Japan as a part of a global / multi-territory policy.
Open market risks located in Japan but controlled outside Japan require a local policy to be issued. LJI has put in place a simplified process to issue local policies compliant with Japanese regulations and writing of risks in Japan that are part of a global policy.
To use the Japan Open Market Model (to issue a local policy covering Japan risk within a multinational policy), the Japan risk must be controlled from outside Japan and:
- The head office or ownership of the Japan entity/risk must be outside of Japan;
- The policyholder is not registered or domiciled in Japan; and
- The insurance purchase decision must have been taken outside of Japan.
Note: the OMM is not suitable for policies only providing cover for Japan risks or where the policyholder is a Japan domiciled / registered company
This arrangement may only be utilised by the Lloyd’s syndicates participating on the risk. LJI cannot issue a local Japan policy on behalf of non-Lloyd’s markets