The committee identifies emerging issues, trends and areas of concern relevant to market practitioners. It has a particular focus on the development of LMA model wordings, for information and guidance for the market.
The committee’s recent review of UK consumer wordings aligns with broader initiatives aimed at promoting clearer and more customer-centric insurance documentation. The committee is undertaking a series of projects to update older wordings, with the goal of supporting the market with clear, compliant and accessible model wordings.
The committee continues to discuss the administration of group personal accident business, to assist the market in meeting the regulatory requirements.
Profit commission clauses reward coverholders or MGAs when portfolios performs profitably. Clear wording is essential to avoid misunderstandings around calculation methods, clawbacks and thresholds, supporting fair outcomes for both insurers and intermediaries.
The PAC helps to develop and issue LMA wordings for information and guidance across the market. To receive email notification of new wordings, please subscribe.
30 October 2024
