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Market Reform Programme Office Market Reform: H1 Checkpoint 27 July 2006 Andy Brookes MRG Objectives 2006 + Market Reform Contract Certainty 84% achieved in April • Market achievement of monthly volume of certain contracts (30% by Q4 05, 60% by Q2, 85% by Q4) 98% achieved • • Market slip compliance rated 99% (Q1); 85% of slips fully compliant (Q4) Resolve signed lines, late orders and other outstanding contract certainty issues (Q2) • Clear plan for continued improvement of CC in 2007+ (Q3) So far… • Avoid regulatory intervention • Build user-friendly front-end for contract certainty checks (Q1) • Market feasibility for next stage of development of QA tools (Q4) New pilot version out MRG Objectives 2006 + Data delays, expected Q3 (?) Market Reform Accounting & Settlement Partially achieved • Establish measurement regime (Q1); publish accounting checks (Q1) • For ACORD international standard A&S processes: – Agree and document outline processes (Q1) – Publish detailed technical and business information (Q2) Reordered and combined, planned completion Aug – Secure public commitment to implementation by brokers and carriers; with timetable for migration from old processes (Q4) • Implement A&S repository (Q4) MAT started MRG Objectives 2006 + Market Reform Claims Infrastructure • Publish processes and procedures for electronic claims – Lloyd’s first (Q1); IUA next (Q4) • Publish implementation manual for electronic transfer of documents Replanned to Q4 to using (ACORD DRI) international standards (Q1) align with infrastructure strategy work • Plan for common claims procedure in London (Q1) • Complete IUA repository pilot and agree next steps (Q2) • • Deliver Lloyd's electronic infrastructure into market testing (Q2) • Set strategy for claims infrastructure beyond ECF (Q4) Started June, expected to end Sep (At least 4) brokers and (9) Lloyd’s Managing Agents processing 100% of new claims electronically, supported by XCS (Q4) 5 brokers, 15 managing agents, and rising MRG Objectives 2006 + Market Reform Other • Publish legacy Code of Practice (Q1); measured progress against code (Q4) • Measure use of new infrastructure and business benefits (ongoing) • Training: ‘approved’ courses for contract certainty (Q1); framework for claims training (Q2); participation targets (Q4)