The Lloyd’s Market Association has published an update to its jointly prepared guidance on consumer wordings for managing agents. The guidance has been updated in the following areas:
- Claims handling – clarification added regarding insured’s duty to mitigate the loss;
- Data Protection (GDPR) – placeholder added;
- Rights of Third Parties – further clarified Third Parties (Rights Against Insurers) Act 2010;
- Law and Jurisdiction – added Lloyd’s requirement;
- Definitions – expanded guidance;
- Exclusions – expanded guidance;
- Other Documentation – added new Renewal Documentation section to incorporate new FCA rules on “renewals transparency” which took effect on 01 April 2017 (FCA Policy Statement PS 16/21);
- Addition of Appendix 13 entitled Renewals Transparency – FCA Policy Statement PS16/21.