The Legal Committee considered proposed amendments to the LIC Managing Agent Outsourcing Agreement, including provisions relating to operational resilience, DORA and the EU AI Act.
Members discussed the extent to which the proposed amendments reflected regulatory requirements and aligned with the existing Principles Based Oversight framework.
The Committee continued its consideration of issues arising from the Middle East conflict, including proposals relating to vessels transiting the Strait of Hormuz and the classification of missile-related damage in the UAE and Saudi Arabia.
Members reviewed legal and regulatory developments in Brazil and India and discussed restrictions on reinsurers’ use of cedant data for AI purposes.
The Committee also received an update on the development of an LMA definition of AI and considered the purpose of a recent broker derived governing law paramount clause.
