Market Reform Contract (Open Market) v1.2 published

The guidance has been updated in response to queries raised, or errors reported. There are NO changes to headings or significant changes in usage. An overview of the changes is provided on page 3 of the guide. In addition to the pdf version of the guide, a word version is also available in which changes (by comparison with version 1.1, excluding minor/typographical changes) are highlighted.

The associated Data Dictionary has also been updated, removing discrepancies identified between the two documents.

Access these three documents

Important note on scope of MRC (Open Market) v1.2

Market Reform Contract (Lineslip Declarations) v1.0 published

MRC (Lineslip Declarations) is a new, optional, format which can be used for declarations where a significant proportion of the headings within the full MRC (Open Market) standard are not required in each individual placing submission. The format is most likely to be of value for declarations placed 100% to a single Lineslip arrangement. It does not apply where the declaration also includes open-market lines, or for declarations off a binding authority arrangement. For further information regarding its applicability see Scope on page 3 of the guide.

Access the MRC (Lineslip Declarations)

Important note on scope of MRC (Lineslip Declarations) v1.0

Electronic policies - get registered and get using

Also at the June Forum, Mark Barwick detailed the plan to ensure that 80% of bureau policies are signed electronically by the end of 2008.

Mark's slides

New e-Policies web pages

IMR agreement -

Customer packs containing the IMR Agreement are with all firms. Firms should sign up to the contract as soon as possible and certainly by 19th September at the latest.

If you have any queries, contact your Association or Xchanging.

MRG sets endorsement target

At its meeting on 1st July, MRG agrre to set a target of 3,000 endorsements being submitted electronically by brokers in September. At that point, it will review the achievement against this target with a view to setting further targets. Endorsements data is published in the MRG dashboard.

Aon ePlacing - market feedback

Aon has made significant progress with its ambition to transact as much of its business as possible via an electronic platform and, as at the end of May 2008, had traded over 15,000 lines with over 160 markets via Ri3K. Aon made a commitment to review the experience after the 1 January renewal season and to that end asked Watertrace to conduct a full survey, both internally within Aon Re UK and externally with feedback from markets. Watertrace’s report is available:

Click here for the executive summary

Click here for the full report

Questions regarding this report should be directed to Ian Summers, Director of Change at Aon UK Limited

Endorsements and ePlacing - a call to arms

At the Market Reform Forum on 29th May, John Muir, market sponsor for the endorsements project set out the progress the market has made thus far; and the actions that brokers and insurers can take to speed up adoption of electronic trading for contract chages. For a copy of his slides, please click here.

The forum also heard a presentation from Ian Summers on Aon's experience thus far with electronic placing. For a copy of Ian's slides, please click here.

Harmer to chair Market Reform Group

Peter Harmer, Chief Executive of Aon UK, is to become Chairman of the Market Reform Group (MRG). He succeeds Stephen Matanle, Managing Director of Libero Ventures Ltd.

For a copy of the press release, please click here.

MRC for Binders and Lineslips published

The new standard format for Binders and Lineslips has been published - bringing these into line with the open market standard.

For a copy of the Binders documentation, please click here.

For a copy of the Linselips documentation, please click here

For FAQs providing further guidance on the implementation of these standards, please click here

Crowds flock to e-MRCE sessions

Over 600 people attended the two market brieifing on the approach to electronic submission and agreement of endorsements. A photograph of the event can be seen in this month's newsletter. Click here to access.

For a copy of the e-MRCE implementation guide, please click here.

e-MRCE implementation guide published

The implementation guide setting out the proposed methods for electronic submission and agreement of endorsements have been published. For a copy of the relevant documents, please click here

Market reaches key milestone in the elimination of paper from premium processing

MRG has published details of the arrangements which will see the end of paper processing for accounting and settlement (A&S) submissions.

For original premium the market will hit full electronic processing from end March 2008. For additional and return premium this will occur by the end of the year.

For full details of the arrangements, please click here

For a copy of the accompanying press release, please click here

Placing standard - plans for 2008

MRG has agreed plans for the future development of London Market Placing Document Standards (currently the Market Reform Contract – MRC). This includes confirmation that there should be no material change to the MRC (Open Market) standard during 2008. For further details, please click here.

Electronic processing interchange agreements

MRG has published a paper to help firms and suppliers that need to develop interchange agreements to support electronic trading. The paper sets out relevant definitions and provides some examples. To access the paper, please click here.

Contract Certainty update

The Contract Certainty Steering Committee has written to the CEOs of all UK Insurance Industry firms with an update on its discussions with FSA.

For a copy of the letter, please click here.