LMA issues sanctions clauses guidance: In its latest market bulletin Lloyd's has provided detailed advice to insurance firms on the use of sanctions clauses to mitigate the risk arising from exposure to international sanctions regimes. The comprehensive advice outlines:
- the purpose of sanctions exclusion clauses;
- what to consider when applying such a clause;
- classes of business where managing agents should consider the use of a sanctions clause; and
- subscription market issues.
Also attached is a client/broker sanctions clause factsheet. (Source: Lloyd’s Sanctions Guidance – Sanctions Clauses)
LMA issues consumer wordings guidance: LMA has issued a market bulletin on consumer wordings guidance. The guidance identifies the key features of, and salient clauses within, a policy document and wording that need to be addressed for a consumer policy to meet current regulatory requirements and identifies, where appropriate, the applicable underlying regulation. It contains example clauses where helpful. (Source: Consumer Wordings Guidance v1.1)