Japan – Multinational Model (JMM)

For managing agents wishing to issue a policy for risks which are located in Japan but controlled from outside Japan as part of a global / multinational programme, the arrangements set out in this note establish a simplified process via LJI to issue local policies compliant with Japanese regulations - the Japan Multinational Model (JMM). 

The arrangement outlined in this guidance note can be used only for Japan domestic risks, which:

• Are a part of a global / multinational policy issued outside Japan; and
• Are Japan risks controlled outside Japan (see below for definition); and
• Are within one of the classes noted as “available for Japan Multinational model” in Appendix 1

and the products licensed in Japan by LJI.

To qualify as a “Japan risk controlled from outside Japan”, all of the following conditions must apply:

The head office or ownership of the Japan entity/risk is registered and domiciled outside of Japan;

The policyholder is not registered or domiciled in Japan; and

The insurance purchase decision is taken outside of Japan

N.B.　

This JMM cannot be used 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.

The Japan Multinational Model is intended to operate without the involvement of a local intermediary.