Lloyd's to standardize underwriting slip.Lloyd's Lloyd's, London insurance underwriting corporation of many separate syndicates; often called Lloyd's of London. Founded in the late 17th cent. by a group of merchants, shipowners, and insurance brokers at the coffeehouse of Edward Lloyd, the association is now said it would mandate the use of a "comprehensive and consistent" form of underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. slip beginning in January January: see month. 2004, a step in what Lloyd's said is an effort to implement a standard approach to placing risks in the London market. The new London New London, city (1990 pop. 24,540), New London co., SE Conn., on the Thames River near its mouth on Long Island Sound; laid out 1646 by John Winthrop, inc. 1784. Market Principles--LMP--slip standardizes the placement of risks in the Lloyd's market, as part of an ongoing effort to create an efficient and streamlined market with improved service to clients, Lloyd's said. London Market Principles is the title given to a marketwide initiative to reform operations at Lloyd's and in London's non-Lloyd's company market. The initiative is supported by the Lloyd's Market Association, the London Market Insurance Brokers' Committee, the International Underwriting Association and Lloyd's, which together comprise the Market Reform Group. "We are determined to continue to streamline business processes in the Lloyd's market, and to ensure that the terms of insurance contracts are agreed and clear before they come into force," said Lloyd's chief executive officer, Nick Prettejohn, in a statement. Under the new mandate, LMP LMP left mentoposterior (position of fetus); last menstrual period. LMP abbr. last menstrual period LMP Last menstrual period, see there slips will have to include a unique market reference, risk details, a subscription agreement, information provided to the underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. to support the assessment of the risk, and fiscal and regulatory details. Iain Saville, head of business process reform for Lloyd's, indicated the market would work with brokers and the market to increase both the quality and use of the new slips. |
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