The Legal Committee received an update on the revised market modernisation programme formerly known as Blueprint Two, including plans for the renewal of key market infrastructure arrangements, operational resilience considerations and future transition planning.
Members discussed the impact of developments in the Middle East conflict on the aviation and marine insurance markets, including policyholder notification obligations, market responses to heightened risk exposures and emerging claims trends.
The Committee received grip of the peril type issues.
Members discussed the LMA’s ongoing work on war clauses, catastrophe coding, claims handling and the treatment of direct and indirect losses arising from the Middle East conflict.
The Committee considered possible reforms to automatic termination provisions in war clauses, including the potential use of suspensory provisions to improve consistency across jurisdictions and legal systems.
Members reviewed regulatory developments relating to UK financial sanctions, including practical challenges associated with assessing ownership and control within complex corporate structures.
