Lloyd's CFO has written with Lloyd's response to the Third Party Capital Group's submissions to the M&URs transformation plans. Discussions now continue between the relevant parties and Lloyd's.
Burkhard Keese has written as follows: "Further to my communication of the 30th November 2020 in connection with proposed changes to simplify the M&URs, I am pleased to set out Lloyd’s responses to the comments received from across the market.
This contains a high level summary of our responses to the consultation and further work is required to develop and finalise the detailed rules as set out in the M&URs themselves and any associated guidance. This process will be done in conjunction with a market working group, comprising representatives of the LMA, the three Members’ Agents and a number of Direct Corporate Participants (“the Working Group”).
Accordingly, a further draft of the M&URs will be provided to interested parties in due course in advance of final approval.
We would encourage further comments from market participants to be communicated to the members of the aforementioned Working Group to ensure they are represented in future discussions."
Download: M&URs - Lloyd's response final
We have reviewed the replies from Lloyd's which lists the areas agreed and those where further guidance is required from Lloyd's and clarification. The forthcoming discussions of the Working Group will be important in determining exactly how the changes will affect Members.
We will keep Members informed and we will write further in our March Newsletter.