Following the introduction in July 2007 of a standardised form of insurance/reinsurance contract, the Market Reform Contract (the MRC), the Market Reform Group have published the Market Reform Contract Endorsement (the MRC Endorsement). The MRC Endorsement is a standard form endorsement document for effecting changes to insurance and reinsurance contracts including premium adjustments and reinstatement premiums. The aim of producing the MRC Endorsement is to streamline the agreement process by the use of a standardised document format irrespective of how the endorsement is submitted or agreed. An implementation guide for its use is available here.
It is also intended that the information and data contained on completed MRC Endorsement's should use standardised data including headings from the MRC and ACCORD data standards so that the MRC Endorsement is compatible with paper and electronic processing. For this purpose, a data dictionary setting out mandatory terminology has been produced (click here for a copy).
From 31 March 2008 the MRCE must be used for all Open Market London Market risks, until then firms may choose whether or not to use it.