Welcome to the LMBC Web Site

LMBC is a trade body, representing the interests of Lloyd’s brokers operating in the London and worldwide insurance and reinsurance markets. Its members are responsible for handling in excess of £25bn of premiums through the London Market and many billions more across the World. They generate some £2bn of invisible earnings to the UK economy each year.

THE ROLE OF LMBC

Lloyd’s Insurance Brokers Association was formed in 1910, Following the promotion of the Insurance Brokers Registration Act in 1977, LIBA agreed to join with the other insurance broker trade bodies to form the British Insurance Brokers’ Association. However, the LIBA, now renamed the LMBC (London Market Insurance Brokers’ Committee) formed specifically to look after the interests of Lloyd’s brokers, remains an autonomous body in so far as matters affecting Lloyd’s brokers are concerned.

Through numerous technical sub-committees, the LMBC provides a service on a very wide range of matters. The strength of the organisation rests on harnessing the wide expertise of Lloyd’s brokers for the good of all: not only in insurance and reinsurance matters, but also in legislative, administrative regulatory and many other facets of a Lloyd’s broker’s business.

LMBC has a close and professional working relationship with Lloyd’s, LMA and the IUA. It acts as the formal channel of communication between these two underwriting segments of the London Market and the Lloyd’s broking community and represents Lloyd’s brokers in other important international markets when there is a need to speak with a common voice.

LMBC is committed to developing initiatives and supporting all moves which raise standards and enhance value and quality of service, thus improving broker competitiveness in bringing business not only to London but also to other world insurance and reinsurance markets, where the interest of clients are most effectively served. LMBC is the brokers’ champion of LMP reforms and benchmarking.

STRUCTURE

The Board of LMBC comprises sixteen elected brokers, each of whom serve for four years.

The Executive Committees deal with areas of interest to their specific markets. There are eight elected broker representatives on the Executive Committees, with each one serving a four- year term.

The Claims Sub-Committees concentrate on all claims related matters. These may be passed down from the LMBC or raised by the membership. Membership of these committees is by invitation.

Other Committees address business process reform activities for placing, claims, accounting and settlement, and insurance documentation.

LMBC KEY ISSUES

Issues currently being addressed by LMBC include: -

London Market Business Process Reforms
Contract Certainty
Market Reform Slips
Accounting & Settlement
Claims

Regulatory Issues
FSA – Rules and approach to Supervision
Terms of Business Agreements

International Issues
Liberalisation of markets
Relationship with European Commission
Liaison with International bodies – IAIS/OECD
BIPAR
World Federation of Insurance Intermediaries