Market Forum 26 April 2006 Andy Brookes. Market Reform Build user-friendly front-end for contract certainty checks (Q1) Avoid regulatory intervention.

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Presentation transcript:

Market Forum 26 April 2006 Andy Brookes

Market Reform Build user-friendly front-end for contract certainty checks (Q1) Avoid regulatory intervention MRG Objectives So far… Contract Certainty Market achievement of monthly volume of certain contracts (30% by Q4 05, 60% by Q2, 85% by Q4) Market slip compliance rated 99% (Q1);85% of slips fully compliant (Q4) Close call, 98% achieved mid March Resolve signed lines, late orders and other outstanding contract certainty issues (Q2) Clear plan for continued improvement of CC in (Q3) Market feasibility for next stage of development of QA tools (Q4) Also Model signing provisions guidance to be published this week Exceptions guidance to be published this week Subjectivities guidance to be published May Public CC sessions; and sponsors and PM sessions Coming soon: proposals on slip audit - closer alignment with CC

Market Reform publish accounting checks (Q1) MRG Objectives Reordered and combined, completion July Expected end April Initial batch Accounting & Settlement Establish measurement regime (Q1); For ACORD international standard A&S processes: –Agree and document outline processes (Q1) –Publish detailed technical and business information (Q2) –Agree implementation plan (Q2) –Secure public commitment to implementation by brokers and carriers; with timetable for migration from old processes (Q4) Implement A&S repository (Q4)

Market Reform Publish implementation manual for electronic transfer of documents using (ACORD DRI) international standards (Q1) Publish processes and procedures for electronic claims – Lloyds first (Q1); (At least 4) brokers and (9) Lloyds Managing Agents processing 100% of new claims electronically, supported by XCS (Q4) Deliver Lloyd's electronic infrastructure into market testing (Q2) MRG Objectives Replanned to Q4 to align with infrastructure strategy work Claims InfrastructureIUA next (Q4) Plan for common claims procedure in London (Q1) Complete IUA repository pilot and agree next steps (Q2) Set strategy for claims infrastructure beyond ECF (Q4) MooD pilot for online publicationAlso

Market Reform participation targets (Q4) framework for claims training (Q2); measured progress against code (Q4) Training: approved courses for contract certainty (Q1); MRG Objectives Expected May Other Publish legacy Code of Practice (Q1); Measure use of new infrastructure and business benefits (on- going) Also Further legacy guidance to be published early May