text:
NEW YORK, N.Y. -- Former President Bill Clinton will speak Monday at the funeral of former New York City Mayor Ed Koch, who died Friday at the age of 88.
The Chappaqua resident was a great friend of the three-term mayor, according to Koch's spokesman George Arzt, and will cut short a trip to Japan to speak at the service on behalf of President Barack Obama.
Mayor Michael Bloomberg and Ido Ahroni, the consul general of Israel in New York, also will speak Monday, Arzt said.
It was not clear whether Hillary Clinton would be attending the funeral after retiring as Secretary of State last week, the New York Daily News reported. Koch served as an adviser to Hillary Clinton when she moved to New York and ran for the U.S. Senate in 2000.
The public service will be at Temple Emanu-El at E. 65th St., and will be broadcast live on TV channel NY1 and on the city's website. Koch will be buried at Trinity Church Cemetery in Washington Heights, and there will be a private shiva Tuesday at Gracie Mansion.
Koch, who passed away from congestive heart failure, was mayor in the tumultuous 1970s and 1980s, when New York City faced economic uncertainty and racial turmoil.
He was an indefatigable force in New York City politics, and spent much of time since leaving office in 1989 as a radio talk host, speaker and political gadfly.
- 1 Daughters Of Edgemont Driver Of SUV In Fatal Crash Will Be On 'Today' Show
- 2 Two Westchester Private Schools Rank Among 'Smartest' In Nation
- 3 Snow Could Be Returning To Chappaqua
- 4 Town Board Approves Chappaqua Train Station Lease With Chases' Company
- 5 Manhattan Building Collapses After Apparent Gas Explosion


text:
Interactive Seating Charts
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Barrymore Theatre2090 Atwood Ave
Madison, WI 53704
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subset: commoncrawl


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38-Year-Old Man Serving as a Cop And Pastor Arrested For Sleeping With Teen Girl
Reported by Victor O An NYPD officer, who doubles as a pastor, has been arrested...
March 29, 2015 |
Satanists Want Their Sign Next to "In God We Trust" Sign in WA
By Nigel Boys If a planned "In God We Trust" sign is placed in a...
March 27, 2015 |
Home Depot Employee Fed Up With Company Forcing Homosexuality on Them
By Nigel Boys In protest of their annual promotion of LGBT month, Timothy Noffsinger—an employee...
March 27, 2015 |
CeCe Winans, "best selling female gospel artist of all time", Making a Comeback
By Angela L. Braden Word on the street is that a highly-anticipated album of Grammy...
March 27, 2015 |
Hindu Nationalist Says Raping Nuns is "Christian culture"
By Nigel Boys A group of around 10 men who stormed a convent in Ranaghat,...
March 26, 2015 |
Where Are Believers Going? 7.5 Million Less People Are Religious Since 2012
By Nigel Boys Although the largest single religious group in the United States is Roman...
March 26, 2015 |
Dorinda Clark-Cole Loses "most remarkable, incredible, sweet" Father-in-law
By Stephen Kanyi Gospel artist Evangelista Dorinda Clark-Cole recently lost her father-in-law, Cleveland Cole. Cleveland...
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Presbyterian Church Changes Definition of Marriage So Gays Can Marry Each Other
By Nigel Boys Following their 2010 decision to allow non-celibate gays to be become ordained...
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SC Baptist Pastor Under Fire For Saying 10 Commandments Are Not Requirement
By Nigel Boys When Perry Noble gave a sermon on Christmas Eve about the 10...
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Atlanta fire chief was fired for gay remarks, but he was actually speaking in love
By Victor Ochieng Ex-Fire Chief Kelvin Cochran has reiterated that God intended human beings to...
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Some are seeking to define father-daughter marriages as a form of "reproductive freedom"
By Angela L. Braden The internet seems to house an infinite amount of information, activities,...
January 21, 2015 |
Supreme Court May Force The Hand of Anti-Gay Marriage States
By Nigel Boys The U.S. Supreme Court will review the cases of states that wish...
January 20, 2015 |
New York Times Trampling All Over Christians' Rights
By Nigel Boys According to Tony Perkins, president of the Family Research Council based in...
January 19, 2015 |
Wisconsin schools now teach elementary school kids about having "two moms"
By Nigel Boys It appears that some supporters of the LGBTQ community believe a person...
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Watch: Religious leaders rally in Ga to support fire chief fired for gay remarks
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Pastor, Church Janitor Open Fire During Termination Meeting
Reported by Michal Ortner Early Tuesday morning on Dec. 31, a shooting took place at...
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The Truth Is…Prayer Is Essential To The Life Of A Christian
September 30, 2014


text:
From Custer, it is not a very long drive. You will however need a map or directions to be sure to find it, without getting lost. Be sure that you can cope with being... read more
From Custer, it is not a very long drive. You will however need a map or directions to be sure to find it, without getting lost. Be sure that you can cope with being... read more
From Custer, it is not a very long drive. You will however need a map or directions to be sure to find it, without getting lost. Be sure that you can cope with being underground, in a confined space, in a slow moving queue of other visitors, before paying to go into this amazing cave.
We had a great timw and our guide was very knowledgeable. It did get quite cold so you may want to have a sweater or light jacket handy
We took the kids and we all loved it. It did get a little cool, so I'm glad I had a sweatshirt along. The walking wasn't difficult either. It was a great learning experience for all of us, and not something we could do just anywhere. The wait was about 30 minutes, but the dispay upstairs kept us busy until... More
Thank you for visiting the Monument during the off-season. The winter months are typically "quiet" in the Black Hills, but there still is a lot to do on "your" public lands. We are glad that your family had a great visit, and we are pleased to read that our new exhibits and displays captured your attention. We hope you are... More
These caves are excellent. I have been to other caves in the UK but nothing on the scale of these, the walk through all of the caverns and the different rocks and views are amazing. The tour and the guide were great, I would recommend this to anyone visiting the area.
Thank you for the wonderful review. Our staff takes great pride in helping visitors learn even more about the Monument and hopefully expose them to the natural wonders of America. We appreciate your kind words, and you can be assured that our staff gets even more motivated by the positive feedback of our guests. Take care, More
We stopped with our group to do the cave tours. We heard that it gets busy very quickly, so we were there just before opening so get the first tours of the day. By the time we were leaving there were already 50-100 people waiting for their tours, so this was a good call on our part. I did the... More
Thank you for sharing your views online about Jewel Cave National Monument. we are glad to read that your group experienced some educational opportunities on site. We hope you come back to the Black Hills again, as the Monument offers a few more tours that may be of interest to you. Best wishes, More
We barely caught the last tour of the day. It took us down to the Target room for a quick view of the wonders that lay beneath. The Ranger was very knowledgeable and welcomed inquiring minds that just had to know. If you have the time to take a full tour, I'd recommend doing one of those options.
Thank you for taking the time to post a review of the Monument online. Your feedback will likely help future visitors, especially during the off-season. We hope you are able to come back in the future and perhaps take part in one of the longer tours. More
We love caves and caverns and then one was definitely worth going to - would recommend. Somewhat strenuous.
Thank you for sharing your thoughts on TripAdvisor. We are happy that you chose to visit Jewel Cave National Monument. Best wishes, More
We went in late October for my birthday! I had never been to a cave before so we decided to go here. We went on the Scenic Tour and because it was the off season only had about 10 people on the tour with us. We were very impressed with the ranger who was very knowledgeable and enthusiastic! We could... More
Thank you for sharing your feedback about Jewel Cave National Monument. October is a beautiful time of year to visit the monument, as well as the entire Black Hills. The temperatures seem to be nicer, and the summer "crowds" have retreated back home for school and other commitments. For this reason, we often hear from visitors that late September into... More
We debated whether to go to Jewel Cave or not, after getting first-hand experience with the traffic delays on our way into Custer, but we decided to go first thing in the morning and hope for the best. (Construction is supposed to wrap up this winter so it should be better next summer) I am so glad we went! Jewel... More
Thank you for sharing the feedback. We are happy to read that your visit was interactive and educational, and we hope you do consider another trip to Jewel Cave in 2015. If you do happen to make plans for a Wild Caving Tour, please keep in mind that these strenuous tours do not start until about mid-June and are limited... More
We toured this cave twice with different sets of relatives and both tour guides were absolutely stellar both in their knowledge of the cave and their enthusiasm. The "mini-museum" is not to be missed, either. We took the 90 minute tour both times and it was well worth the price of admission ($12 each). Even the giftshop was superior with... More
Thank you for the kind words and for taking time to share your positive experiences with others through TripAdvisor. The staff takes great pride in providing exceptional service ... and most importantly, they try to engage all audiences through a sense of exploration and discovery. You can be assured that your review made our staff "smile." We also appreciate your... More
Register now for free — and start getting automatic notification of new reviews, responding to traveler feedback, adding new photos to your listing and much more.Manage your listing


text:
mumu maid
Junior Member
Lalo the Lol champ
Q skill, He Lol at champs who have 0/3 kill ratio and damages for 3% of his health per sec for over ...2 sec, increases as level increase.
W Skill, if ur top kill in team, He Lol at the champ causing the target/him to suicide but damages 50% of the targets HP
E Skill, If his killing ratio is 4/4 or even, he recieves amovement speed buff 35% buff and next hit stuns, lik Udyr
R Skill, he can see the whole map, and if theirs a nidalee in the map he will LOL from any direction, causing him to achieve nidalee level 6 skill.
, including stats eg : 29w /32l nidalee
Passive, if even stats, atk speed increase again
if noob stats eg 0/3, 0/2 . = increase movement speed for survivle
Voice joke : i Lalo killer LOL
taunt : LOL
select: hi im Lalo LOL
This is so bad I encourage others to not post how bad this is so that this thread is buried. If this is meant to be funny, you sir have Failed (with a capital F).
Booty Colin
.... what?
© 2015 Riot Games, Inc. All rights reserved. Riot Games, League of Legends and PvP.net are trademarks, services marks, or registered trademarks of Riot Games, Inc.


text:
Pronunciation: cửa
Added on: 2011-02-03 Listened: 100 timesin: noun
Pronunciation in Vietnamese [vi]
- Pronunciation by gooseduck (Male from Vietnam)
Could you do it better? different accent? Pronounce cửa in Vietnamese
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by Yandex Translate English translation:
cửa = the
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text:
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Loans for the Plano cohort are available
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text:
Top Posts
Latest Posts
Are you ready for the excitement of the Home Run Derby?
Jul 11, 2011, 11:00 AM EDT
I'll spare you all of my grousing about the Home Run Derby. Some people like it. Some people don't. If you're in the former camp, mazel tov. If you're in the latter, may I suggest that you watch "Batman: Under the Red Hood," which is streaming on Netflix? I watched that on Saturday and was…
Your Monday Morning Power Rankings
Jul 11, 2011, 10:30 AM EDT
The All-Star Break is here, and even though the season is more than half over, it's that time when everyone assesses the so-called first half. We'll do the same here today. The rankings represent the current state-of-the-league, but the comments about each team are a bit more first-half all-encompassing. As always, last week's rankings are…
The Red Sox are interested in Matt Garza
Jul 11, 2011, 10:00 AM EDT
I'm struggling to recall the last time we heard something from Phil Rogers' Sunday "Whispers" column that was both (a) juicy; and (b) actually happened, but this one at least has (a) covered: The Red Sox are reportedly interested in Matt Garza. Rogers says that Garza is "high on the list." Which makes sense. Garza's strikeout…
Dontrelle Willis pitched in the majors again. And it was OK.
Jul 11, 2011, 9:40 AM EDT
Dontrelle Willis made his return to the majors yesterday, starting for the Reds against the Brewers. I like Willis as a person so much that it has pained me to see him struggle these past three years, so I could barely look at the box score last night I was so nervous. But actually: it was…
News Flash: Yankees, Red Sox are baseball's most popular teams
Jul 11, 2011, 9:15 AM EDT
The Harris Poll has released its annual baseball popularity index thingy, and tells us what we all probably knew anyway, even if a lot of us don't care to acknowledge it: the Yankees are America's most popular baseball team. They've taken the top honor for nine straight years, putting lie to the notion that America loves…
Would you have kept the ball from Derek Jeter's 3,000th hit?
Jul 11, 2011, 8:45 AM EDT
I joked last week that there was no need to put a special marking on Derek Jeter's 3000th hit ball because it was almost certain that it would be some infielder who got it. Boy, that was wrong. Unless you were under a rock all weekend you know that number 3,000 was a homer. You…
HBT Weekend Wrapup
Jul 11, 2011, 8:25 AM EDT
Unusually busy weekend around Major League Baseball. I was without computer access for much of it. Best I can figure: Derek Jeter killed a guy. Seriously. It's the only thing that can explain all the buzz. Let's get the story!
And That Happened: Sunday's scores and highlights
Jul 11, 2011, 5:26 AM EDT
Phillies 14, Braves 1: Like I've always said: you give Cole Hamels 14 runs to work with, and he's probably going to win. Raul Ibanez drove in five runs in the entire month of June. He drove in six in this game. Oh, and watch the comments here: some readers/Braves fans foolishly bet some Phillies…
U.S. tops World 6-4 in All-Star Futures Game
Jul 10, 2011, 9:03 PM EDT
The U.S. squad received scoreless performances from nine of its 10 pitchers and got a homer from Indians prospect Jason Kipnis in winning the All-Star Futures Game 6-4 on Sunday. Kipnis homered to start the bottom of the first of Braves phenom Julio Teheran, and the U.S. went on to build a 3-0 lead through…
Wrong hole, Buster!
Jul 10, 2011, 8:37 PM EDT
ESPN's Buster Olney just proposed the following on Twitter: Idea in Monday column:Ask players in March if they will attend ASG if asked and participate if not on DL. If they decline,no name on ballot. Obviously, this is in response to the fact that 16 players have been replaced since the All-Star Game rosters were officially…
Juan Castro retires, joins Dodgers front office
Jul 10, 2011, 8:22 PM EDT
After 17 seasons in the big leagues — yes, 17 seasons — Juan Castro announced his retirement Sunday and took a job as a special assistant in the Dodgers front office. Now, granted, Castro spent a lot of those 17 seasons playing in the minors, too. He had one at-bat in 1999, three in 2010,…
X-rays negative on Reynolds, Guerrero; Showalter wants Lackey punished
Jul 10, 2011, 7:45 PM EDT
Fortunately, there will be no lasting damage to the Orioles after two more HBPs from the Red Sox on Sunday. Initial X-rays on the hands of Mark Reynolds and Vladimir Guerrero were negative after both were hit by Boston right-hander Kyle Weiland in Boston's 8-6 win over the Orioles on Sunday. "So far, so good,"…
Bobby Abreu draws three-ball walk in Angels' victory
Jul 10, 2011, 7:13 PM EDT
What is it with umpires not knowing the count this year? Bobby Abreu walked on ball three in the third inning Sunday in the Angels' 4-2 win over the Mariners. The walk came with one out and Torii Hunter on first base. Felix Hernandez was able to bounce back and hold the Angels scoreless from there, but…
Montero, Kimbrel added; now up-to-the-minute All-Star rosters
Jul 10, 2011, 6:02 PM EDT
According to the San Francisco Chronicle's Hank Schulman, Miguel Montero has been added to the NL All-Star roster in place of Placido Polanco. This after Pablo Sandoval was given the spot of Jose Reyes earlier today. So, let's compile an up-to-date set of All-Star rosters: American League Lineup CF Curtis Granderson SS Asdrubal Cabrera 1B…
Phillies demolish Braves, carry game's best record into the break
Jul 10, 2011, 5:21 PM EDT
The Philadelphia offense came up with 14 largely unnecessary runs in support of All-Star Cole Hamels to rout the Braves on Sunday and finish the first half 57-34. Hamels gave up just one run and three hits in improving to 11-4 this season. He has a 2.32 ERA and a 0.93 WHIP, but he was…
Two more ejections as Red Sox complete sweep of Orioles
Jul 10, 2011, 5:00 PM EDT
Home-plate umpire Marty Foster took control of this one with nearly as much finesse as Wily Mo Pena employs attacking a fastball. Red Sox right-hander Kyle Weiland was ejected from his first big-league start and Orioles reliever Mike Gonzalez was tossed an inning later in the finale of the four-game series in Boston on Sunday.…
Ricky Romero replaces Jon Lester replaces Felix Hernandez
Jul 10, 2011, 4:54 PM EDT
Just in case you were still keeping score… Felix Hernandez is a 2011 All-Star, but he can't be on the roster because he started this afternoon's game for the Mariners. So… Jon Lester is a 2011 All-Star, except he's on the disabled list with a strained lat muscle and can't pitch. So… Ricky Romero is…
Yankees making big bucks off Derek Jeter's 3,000th hit
Jul 10, 2011, 4:41 PM EDT
CNBC's Darren Rovell hears that the Yankees have sold $2.5 million in Derek Jeter merchandise since the shortstop collected his 3,000th hit by homering Saturday. Rovell also reports that Steiner Sports, Jeter's official memorabilia dealer, was so flooded with calls Saturday that its phone system crashed. Whether the Yankees really thought Jeter would be worth…
Kevin Correia replaces Cole Hamels on NL All-Star roster
Jul 10, 2011, 4:27 PM EDT
Phillies left-hander Cole Hamels is on the mound this afternoon against the Braves and won't be eligible to pitch in Tuesday's All-Star Game. His replacement: Kevin Correia, of the surprising Pittsburgh Pirates. Correia, 30, has gone 11-7 with a 4.01 ERA and 1.28 WHIP through 19 starts with the Bucs this season. Those are hardly…
Alex Rodriguez getting knee surgery, out 4-6 weeks
Jul 10, 2011, 4:17 PM EDT
Welp, the New York Post was right. According to Anthony McCarron of the New York Daily News, Yankees third baseman Alex Rodriguez will undergo surgery on his right knee Monday and will need 4-6 weeks of recovery time. The Yankees' medical staff diagnosed A-Rod with a torn meniscus on Saturday and recommended that he undergo…
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text:
Inflation: What it is and how it can affect you
- 18 January 2011
- From the section Politics
Inflation probably sounds like something you'd go to the doctors with.
But it's actually the way we measure a rise in the cost of living, which includes everything from petrol to clothes to food.
In normal economies prices are always rising by a little bit.
For example when your Nan said a bar of chocolate cost 8p when she was younger, but now its £1? That's because of inflation.
'Oil cost more'
However the latest inflation figures are worrying because they show a big rise in just a month.
The main reason inflation went up more than expected in December is fuel. Oil cost more.
That meant that heating your home cost more too. The average Christmas food shop also cost more.
Most of this is out of our control, because things we're buying from abroad cost more now.
Demand for oil is high across the world and there's less of it to go around. And bad weather - globally - has hit some foods.
So, most of your daily essentials are costing more and there's no pay rise on the horizon for most.
That all means that the pound in your pocket is worth less.
'Tougher times'
The big question now is what do we about it - inflation has been above the government's target for over a year and if that continues it could be dangerous.
So, here comes the bad bit.
The main way to deal with it is to try to stop you spending.
Interest rates is the way to do that. Putting rates up can stop inflation going up - because people spend less.
But it also means that bank loans or mortgages will cost you more every month. Either way, this all probably means tougher times are ahead for some."


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Market Reform Contract (Binding Authority) Implementation Guide Version 1.01 March 2008 MARKET REFORM Market Reform Contract (Binding Authority) Version 1.01 March 2008 Table of Contents 1 Document Revision/Change History .................................................... 3 2 Introduction......................................................................................... 4 2.1 Purpose of the Guide..................................................................................................... 4 2.2 Intended Audience ........................................................................................................ 4 2.3 Background ................................................................................................................... 4 3 Business Objectives and Expected Benefits ...................................... 5 3.1 Objectives ..................................................................................................................... 5 3.2 Scope............................................................................................................................. 5 3.3 Benefits ......................................................................................................................... 5 3.4 Lloyd's Franchise Board Mandate ................................................................................ 6 4 MRC Binding Authority Layout ............................................................ 6 4.1 Document Sections, Order and use of Headings........................................................... 7 4.2 Layout of Document ..................................................................................................... 9 4.3 General Guidance ......................................................................................................... 9 4.4 Binding Authority Post Placement.............................................................................. 10 4.5 Detailed MRC Binding Authority Documentation ..................................................... 11 4.6 Further Information..................................................................................................... 12 Appendix A Schedule ............................................................................... 13 Appendix B Non-Schedule Agreements ................................................... 14 Appendix C Information ........................................................................... 15 Appendix D Security Details .................................................................... 16 Appendix E Subscription Agreement ...................................................... 28 Appendix F Fiscal And Regulatory .......................................................... 32 Appendix G Broker Remuneration and Deductions ................................. 35 Appendix H Requirements for Contracts of Delegation .......................... 36 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 2 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 1 Document Revision/Change History Version Date Description of Change 1.0 Feb The significant changes within the Market Reform 2008 Binding Authority version 1.0 (2008) compared with the Market Reform Binding Authority (October 2006) are in summary: Where relevant, headings and sections amended in line with MRC open-market (June 2007). The following headings no longer appear within the Non-Schedule Agreements section: Order Hereon, Total Brokerage, Other Deductions from Premium, Signing Provisions. Heading within Non-Schedule Agreements section renamed to Tax Payable by the Insured and Administered by Insurers (rather then "by Underwriters"). Security Details now includes the following headings: Order Hereon, Basis of Written Lines, Basis of Signed Lines, Signing Provisions. New Broker Remuneration and Deductions section, comprising fields that were previously within the Non-Schedule Agreements section. 1.01 March Disclaimer added 2008 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 3 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 2 Introduction 2.1 Purpose of the Guide To define the Market Reform Contract (MRC) standard for Binding Authorities, that has been prepared on behalf of the Market Reform Group (MRG) and which is mandated for Lloyd"s by the Franchise Board. 2.2 Intended Audience This Guide is intended for business, operations and technology audiences. 2.3 Background The changes made in this version of the Market Reform Contract for Binding Authority business are designed to align it with the format of the Market Reform Contract Open Market (June 2007) where applicable. This document sets out details of the Binding Authority contract and defines the business that falls within the scope of the Lloyd"s Franchise Board mandate. Binding Authority practitioners should also familiarise themselves with the following key documents: The LMA Model Binding Authority Agreements ("Model Agreements") and associated Guidance Notes available at http://www.lloyds.com/Lloyds_Market/Market_participants/Coverholders Lloyd"s Intermediaries Byelaw (No. 3 of 2007) and the Requirements made under the Byelaw: - available at www.lloyds.com/Coverholders Lloyd"s Code of Practice for Delegated Underwriting Arrangements ("the Code") – which prescribes the content of a binding authority and sets out what is regarded by Lloyd"s to be best practice: - available at www.lloyds.com/Coverholders Lloyd"s Binding Authority QA Tool: - the minimum contract standards to meet Lloyd"s regulatory, fiscal and contract certainty requirements: - available at www.lloyds.com/Lloyds_Market/Tools_and_reference/Quality_assurance_tool Lloyd"s guidance on international legislative and reporting requirements for binding authorities: - available at www.lloyds.com This document should also be read in conjunction with the consolidated Contract Certainty Code of Practice (June 2007) - (see http://www.marketreform.co.uk ). 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 4 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 When is a Binding Authority contract used? Binding Authority contracts are used by Brokers to access an Insurer, or group of Insurers, who wish to delegate their authority to Coverholders to perform one or more of the following functions: (a) enter into contracts of insurance (b) issue insurance documents including certificates of insurance, temporary cover notes and other documents evidencing contracts of insurance. (c) settle claims What is a Coverholder? A Coverholder is a company or partnership authorised to perform some or all of these delegated functions (a-c above) on behalf of Insurers under the terms of a binding authority. Variation to the Binding Authority Contract: Where Lloyd"s Brokers and Lloyd"s Managing Agents do not use model agreements, both must make sure that the Binding Authority Agreement complies with Lloyd"s requirements for Binding Authorities (Refer to Appendix H). 3 Business Objectives and Expected Benefits 3.1 Objectives Using a standard layout will make it easier for carriers to assess Binding Authorities offered to them, and also make subsequent processes more efficient (e.g. allowing for earlier creation of the Binding Authority Agreement). The objective of this implementation guide is to specify the rules to be followed to create standard MRC placing documents, covering Binding Authorities placed 100% with a single Insurer or in a subscription market. 3.2 Scope The standard may be used immediately. However there is a minimum four month implementation period before its use becomes mandatory. This will become the mandatory standard for London Market Binding Authority Agreements incepting on or after 1 July 2008. 3.3 Benefits A standard paper form layout makes it easier for carriers to assess Binding Authorities offered to them and makes subsequent processes more efficient. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 5 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 3.4 Lloyd's Franchise Board Mandate The current Lloyd"s Franchise Board mandate which covers Open Market, Binding Authority and Lineslip standards, is documented in the Lloyd"s Underwriting Requirements document, as follows (and applies equally to use of the Market Reform Contract). The Franchise Board has prescribed the following standards and arrangements for the conduct and administration of insurance business at Lloyd"s provided always that failure to comply with these standards and arrangements shall not invalidate or call into question any contract or agreement entered into by or on behalf of a managing agent or syndicate nor shall failure to comply with these standards and arrangements create any right of action or claim in any third party against a managing agent or syndicate, the authority to enforce compliance being exclusively vested in the Franchise Board – (a) a managing agent shall not permit the syndicate stamp of a syndicate managed by it to be affixed to any slip which relates to a contract or contracts of insurance unless – i) the slip is in the format, from time to time issued by the Market Reform Office and the information contained in the slip has been properly completed in accordance with the relevant Market Reform Slip guidance; ii) the slip is marked "Market Reform Slip Exempt – Client Requirement"; or iii) the slip relates to motor business, personal lines business or term life insurance business and the slip will not be processed by LPSO Limited; (b) a managing agent shall not permit the syndicate stamp of a syndicate managed by it to be affixed to any binding authority in respect of the 2005 or later year of account unless the slip has been completed in accordance with the relevant slip guidelines from time to time issued by the Market Reform Office. (c) a managing agent shall not permit the syndicate stamp of a syndicate managed by it to be affixed to any line slip unless the slip has been completed in accordance with the relevant slip guidelines from time to time issued by the MRG. 4 MRC Binding Authority Layout This section explains the layout of the MRC Binding Authority. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 6 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 4.1 Document Sections, Order and use of Headings The MRC Binding Authority is made up of the following sections. Each section should be page numbered separately: Schedule - All "variables" in the contract of delegation are set out in the Schedule. The Lloyd"s Intermediaries Byelaw prescribes various details that must be included in the Schedule; Non-Schedule Agreements - Additional contractual information that should be declared to the Coverholder. Information; free text additional information. Security Details; includes Order Hereon; Basis of Written Lines; Basis of Signed Lines, Signing Provisions, Line Conditions and Insurer(s)/Reinsurer(s) "stamp" details. These indicate each Insurer(s) share of the contract and their reference(s). Subscription Agreement; This establishes the rules to be followed for processing and administration of post- placement amendments and transactions. Please note that the order of the headings within this section has changed from that previously used in the Market Reform Binding Authority Slip Guidelines (October 2006). Fiscal and Regulatory; Fiscal and Regulatory issues specific to the Insurers involved in the contract. Broker Remuneration and Deductions – information relating to brokerage, fees and deductions from premium. Model Agreements and Guidance Notes have been issued by the LMA explaining how to complete the Binding Authority Schedule; Contract certainty: In order to achieve Contract Certainty there must be complete and final agreement of all terms of the Binding Authority (including signed lines) between the Coverholder and Insurers by the time of the inception of the Binding Authority. Also, there must be complete and final agreement of the format and scope of terms to be used on the insurance documents which will be issued under the Binding Authority i.e. the Coverholder must hold in its possession or have access to (by the time of the inception of the Binding Authority) all the insurance documents that are used for the evidence of cover; Lloyd's QA Tool: All Binding Authority Agreements must comply with Lloyd"s contract quality requirements as currently set out in the Lloyd"s QA tool for Binding Authorities, see http://www.lloyds.com/Lloyds_Market/Tools_and_reference/Quality_assurance_tool/ 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 7 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Schedule and Non-Schedule Agreements Sections: The first two sections of the slip (i.e. the schedule and the non-schedule agreements) cover equivalent contractual information to the Risk Details section in the Market Reform Contract (June 2007) for open market business. Some of the headings which previously appeared in the Non Schedule Agreements section have now moved to the Security Details or Broker Remuneration and Deductions sections. The LMA Model Binding Authority Agreements have been designed so that all "variables" are dealt with in the Schedule, and any associated documentation is attached (e.g. Claims Procedures). It is important to note that a Lloyd"s Binding Authority Agreement is subject to various conditions and requirements set out within Lloyd"s Intermediaries Byelaw. When using Model Agreements, the wording (and any associated cover conditions) is incorporated by reference within the first paragraph of the Schedule. If you use one of the LMA Model Binding Authority Agreements it is not necessary to attach the Model Agreement to the contract during placing. Alternatively, if non-Model Agreements are used, then the full wording must be attached to the contract for placing. It is important to note that the model Binding Authority Agreements require that any additions and/or amendments to the model Agreement text are set out in the Schedule in the appropriate sections, thus maintaining the integrity of the Model Agreement text. The Coverholder is required to sign the final page of the Schedule to confirm their acceptance to the terms of the Binding Authority. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 8 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 4.2 Layout of Document Left and right hand side of the document The Market Reform Contract Binding Authority is formatted in two columns. On the left, headings are printed; on the right, the data itself is printed. For example:- AGREEMENT NUMBER XYZ1234 UNIQUE MARKET REFERENCE ABC56789 COVERHOLDER JOHN DOE INC COVERHOLDER'S ADDRESS 123 MAIN STREET NICEVILLE FLORIDA USA LLOYD'S BROKER ABC LTD LLOYD'S BROKER'S ADDRESS 456 HIGH STREET LONDON Length of document / items within the document The length of the document will vary, depending on the amount of data that needs to be included in the various sections. Unless specified, there is no fixed length for each section, each can expand or reduce depending on the amount of detail that needs to be given for the headings concerned. 4.3 General Guidance Where monetary amounts are stated within the contract the currency must be clearly and unambiguously identified and should not use symbols such as £ or $. The way of achieving this is to use the relevant three letter ISO currency code, e.g. USD. A contract must not include any terms which are unspecific or create ambiguities, for example any "TBA"s (To Be Agreed / Advised). If declarations are likely to differ greatly from each other and therefore terms can not easily be specified on the Binding Authority Agreement it is permissible to put words similar to "to be agreed each and every insurance bound". During placing the Broker and Insurers must ensure that the Binding Authority clearly states all the contract terms; references or attaches all standard or registered wordings and clauses where used; and attaches all bespoke and non-standard wordings and clauses in full. (Note - 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 9 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 National Laws (e.g. Marine Insurance Act 1906; German General Rules of Marine Insurance; etc) do not need to be attached in full, as they are in common usage and freely available to all interested parties). Standard contract provisions must be relevant to the Binding Authority or the administration of that Binding Authority. Signing provisions should be used where there is more than one participating Insurer to provide certainty of signed lines at inception. The use of instructions "line to stand" or equivalent is valid. The use of any other signing instructions, e.g. "X% to sign Y%" can lead to ambiguity and should be avoided. Binding Authorities should be prepared in line with the requirements of the consolidated Contract Certainty Code of Practice (June 2007) – see www.marketreform.co.uk The General Underwriters Agreement (GUA) must not be used on Binding Authorities or declarations off Binding Authorities. Declarations off Prior Submit Binding Authorities do not need to be in a standard (MRC) format. 4.4 Binding Authority Post Placement The Binding Authority Schedule (and the Binding Authority wording if not previously provided to and accepted by the Coverholder) must be sent to the Coverholder. The Coverholder must sign a copy of the Schedule section of the Binding Authority Agreement (inclusive of all attachments as identified in the Schedule) and return the signed copy to the Broker, to be acknowledged by the Slip Leader. At this point the Coverholder is authorised to enter into contracts of insurance with effect from the agreed inception or renewal date. Regarding endorsements to a Binding Authority Contract: The "Basis of Agreement to Binding Authority Changes" in the Subscription Agreement sets out which Insurer(s) must agree to any changes. Once any Schedule changes are agreed by the relevant Insurer(s), the Coverholder signs and dates the endorsement and the Slip Leader signs and dates the endorsement to acknowledge the Coverholder"s signature; An alternative process flow for Schedule changes might involve the Coverholder signing and dating the endorsement, prior to the relevant Insurer(s) signing and dating the endorsement; in this case, the Slip Leader must also acknowledge the Coverholder"s signature when signing and dating the endorsement. If this process flow 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 10 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 is followed it must be made clear to the Coverholder that the endorsement only applies once the Coverholder"s agreement has been acknowledged by the Slip Leader; Changes to any section of the contract other than the Schedule do not need the agreement of the Coverholder and therefore no acknowledgement of Coverholder sign-off is required. Further details of the contract endorsement format for Binding Authorities (Market Reform Contract Endorsement (Binding Authority)) are available on the Market Reform website at www.marketreform.co.uk 4.5 Detailed MRC Binding Authority Documentation The appendices to this document provide a more detailed guide to the completion of each Binding Authority section. For each section the following information is provided: An overview of the use of the section General guidance – a more detailed description of the use of the section Guidance on specific fields – where relevant, a detailed description of the use of a specific heading. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 11 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 4.6 Further Information For further information on the Market Reform Contract Binding Authority please contact: Type of Query Contact Address Intermediaries Peter Montanaro - Lloyd's Gallery 5 Byelaw Tel: 020 7327 5971 Lloyd"s Email: 1 Lime Street email@example.com LONDON Steve Draper - Lloyd's Tel: 020 7327 6064 Email: firstname.lastname@example.com Paul Brady - Lloyd's Tel: 020 7327 5750 Email: email@example.com Or visit www.lloyds.com/Coverholders LMA Model Binding Peter Martin – LMA Suite 1085 Authority Agreements Tel: 020 7327 8378 Lloyd"s and Guidance Email: 1 Lime Street firstname.lastname@example.com LONDON LMBC Mark Knight – LMBC BIBA House, Tel: 020 7397 0252 14 Bevis Email: firstname.lastname@example.com Marks, LONDON Market Reform Market Reform Office Gallery 4, Contract for Binding Tel: 020 7327 5220 Lloyd"s Authority Agreements Email: email@example.com 1 Lime Street Or visit LONDON www.marketreform.co.uk This document is provided for information purposes only and is not intended to be binding. The Market Reform Office, Society of Lloyd"s, IUA, LMA and LMBC accept no responsibility whatsoever for liability as a result of any reliance placed on it. Furthermore, non-compliance with any matter contained in the document shall not invalidate or call into question any contract or agreement nor shall failure to comply with the standards or guidelines create any right of action or claims in any third party. This document does not affect the legal relationships between the parties to insurance/reinsurance contracts. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 12 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Appendix A Schedule A.1 Introduction: This section provides details of the Binding Authority Contract, in the format of a schedule which relates to the specific Binding Authority wording used. A.2 General Guidance: The schedule should have headings which match the Binding Authority Wording being used. The Binding Authority Wordings and Schedules have not changed by comparison with the Market Reform Binding Authority Slip (October 2006). See Model Binding Authority Wordings (available within the Lloyd"s Wording Repository or at www.marketreform.co.uk ). A.3 Guidance on specific fields: A.3.1 Unique Market Reference Mandatory: The UMR must be stated in the Contract Details section in the correct format: All UMRs must start B which must be followed by the Lloyd"s Broker number. If the Broker number is three digits long it should be prefixed by a zero. If the Broker number is 123 your UMR would therefore start B0123. If the Broker has a four digit Broker number such as 4567 it would be B4567. After the Broker number alphanumeric characters must be provided up to a maximum of 12. There is no prescribed standard for this, although most Brokers tend to use their policy number. The UMR as a whole must be unique. This means that when a Binding Authority is renewed it cannot keep the same UMR. The UMR must not contain any spaces, hyphens, slashes or other punctuation. Only numbers 0-9 and letters A-Z may be used. The UMR is not case sensitive. Whether it is provided as upper case or lower case, many of the systems and current EDI messages used in the market will convert it to upper case. In respect of mid term market changes, where the handling Broker changes, the new Broker must keep and use the previous Broker"s UMR. When the Binding Authority renews, the handling Broker can provide a new UMR. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 13 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Appendix B Non-Schedule Agreements B.1 Introduction: This section provides the non-schedule details of the Binding Authority Contract. B.2 General Guidance: None. B.3 Guidance on specific fields: B.3.1 Tax(es) Payable by Insured and Administered by Insurers Mandatory: Any premium taxes and charges payable by the (re)insured in addition to the premium, which are collected and/or administered by Insurers for each insurance bound e.g. 5% UK Insurance Premium Tax. Any premium taxes and charges payable by Insurers should be shown in the Fiscal and Regulatory section. If there are no taxes applicable please show "None". B.3.2 Recording, transmitting and storing information Optional: Details of procedures for storage of data, documents and other information in relation to the Data Protection Act. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 14 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Appendix C Information C.1 Introduction: This section provides free form additional information. C.2 General Guidance: Details of any information provided to Insurers to support the assessment of the Binding Authority at the time of placement. Where the information is appropriate for inclusion in the Binding Authority it should be shown here. Where the size or format of the information is not suitable for inclusion the location of the MRC information should be clearly referenced under this section and should be made available to all Insurers during placing. Where there is no Information to be supplied this section should still be included and "None" entered under the heading. C.3 Guidance on specific fields: None 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 15 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Appendix D Security Details D.1 Introduction: This section provides for Insurer(s) "stamp" details. These indicate each Insurer(s) share of the contract and their reference(s). D.2 General Guidance: A stamp condition is defined as one which is built into an Insurer"s stamp and therefore appears on every contract to which that stamp is applied by that Insurer. Stamp conditions should be removed and recorded elsewhere in the Binding Authority, where there is provision so to do. A line condition is defined as one manually applied by Insurers on a contract by contract basis against their written line. Certain line conditions that are relevant to the contract and cannot be specified elsewhere may remain in the Security Details section. If line conditions are necessary they must not contain acronyms or abbreviations but should state the condition in full, for example "No LOC" should be stated "No Letters of Credit". Refer to D3.6 for details. Insurers must not delete the Subscription Agreement section of the Binding Authority or use stamp/line conditions that specify "No Subscription Agreement" or "Ex Subscription Agreement" or similar. If there are particular provisions Insurers do not wish to apply to them, these can be explicitly stated against the relevant Subscription Agreement heading or in exceptional circumstances not catered for in the Subscription Agreement, be specified as a line condition. D.3 Guidance on specific fields: D.3.1 (Re)insurer's liability Not Required: This heading is NOT required within the Security Details section of a Market Reform Contract (MRC) for a Binding Authority Agreement, and no specific Several Liability clause is required here; because the Binding Authority Model Wordings already contain suitable several liability language. (Explanatory Note: The several liability language included in the model wordings is not fully in line with LMA3333 – nevertheless the language used in the model wordings is suitable for use in this context, but may be updated when the Binding Authority Model Wordings are next revisited). 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 16 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 The Several Liability Notices heading within the Binding Authority Schedule should contain reference to the clause to be used on each certificate e.g. LSW1001 or equivalent. D.3.2 Order Hereon Mandatory: The percentage of contract order needs to be clearly specified. Also contract closings should be specified i.e. whether the signed lines are percentages of the whole or percentages of the contract"s order. This heading should be completed in the format X% of Y%. Both percentages must be completed on all Binding Authorities. D.3.3 Basis of Written Lines Mandatory: The basis on which subscribing Insurers" written lines are applied to the order. There are typically three variations that may be used: Percentage of Whole. Percentage of Order. Part of Whole (Can only be used where orders are expressed as monetary amounts and not percentages). Not all written lines are currently expressed as percentages; some are expressed as monetary amounts; Units or "per mille". For ease of understanding, it is preferable that written lines are expressed as percentages of whole or order. In cases where it may be more appropriate to express lines in other ways, this must be clearly expressed against the written lines in the Security Details section of the Binding Authority. No further information other than the basis of written lines, expressed as stated above, should be entered under this heading. D.3.4 Basis of Signed Lines Conditional: Required where this differs from the basis of written lines. For ease of understanding, it may be preferable that signed lines should total to 100% rather than to the order percentage. In cases where it may be more appropriate to have signed lines that total to the order percentage, the relationship between the signed lines and the order needs to be clear. This heading is only required where the basis differs from the basis of written lines. Typically the Basis of Signed Lines 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 17 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 will be the same as the Basis of Written Lines, however this new Binding Authority heading is provided for instances when there is a need to vary the basis for the signed lines. The heading Basis of Signed Lines may therefore be added as required, immediately under the Basis of Written Lines heading in the Security Details section of the Binding Authority. The Basis of Signed Lines may be left blank at the time of placing but, where relevant, should be completed prior to the finalisation of signed lines. Signed lines should be expressed as percentages. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 18 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Guide to Orders This guide provides some examples of how orders may be expressed on Market Reform Contracts. It is typically recommended that written lines should be expressed as a percentage of whole. In order to aid clarity it is also recommended that the whole (monetary amount e.g. sum insured or limit) should be specified. Other means of expressing the order and line percentages may be used providing the intent is clear e.g. Part of Order. MARKET REFORM CIRCUMSTANCES OLD PANEL ONE NOTATION CONTRACT NOTATION EXAMPLE A – ORDER HEREON: PERCENTAGE OF % Order Order Closed 100% of Whole (Monetary WHOLE Written Of for amount) Lines Part Whole 100% 100% Client A gives the BASIS OF WRITTEN LINES: Broker a 100% order Percentage of Whole and they are the only Broker involved in BASIS OF SIGNED LINES: the placement. Percentage of Whole (Monetary amount) EXAMPLE B – ORDER HEREON: PERCENTAGE OF 50% of Whole (Monetary amount) ORDER % Order Order Closed Written Of for BASIS OF WRITTEN LINES: Client B gives the Lines Part Whole 50% 100% of Percentage of Order Broker a 50% order 50% and decides to self BASIS OF SIGNED LINES: insure the rest. Percentage of Order NB. Such a scenario could also be expressed on a Percentage of Whole basis. EXAMPLE C – ORDER HEREON: PART OF WHOLE 50% of GBP 200K % Order Order Closed Client C gives a Written Of for BASIS OF WRITTEN LINES: Broker monetary Lines Part Whole GBP 50% of Part of Whole (Monetary amount) order of GBP 100K 100 GBP where the total sum 200K BASIS OF SIGNED LINES: insured was GBP Part of Whole (Monetary amount) 200K. Lines are written as a monetary amount as part of the total sum insured. Signed lines are shown as part of the sum insured. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 19 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Sample Contracts Example A – percentage of whole Summary : Written line = 100% Signed line = 100% Order = 100% 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 20 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Example B – percentage of order Summary : Written lines total 100% of 75% order Signed lines total 100% of 75% order 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 21 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Example C - part of whole BASIS OF WRITTEN LINES : part of whole BASIS OF SIGNED LINES : part of whole Summary: Written lines total GBP100,000 part of whole (GBP200,000 sum insured) Signed lines total 50% part of whole (100%) 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 22 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 D.3.5 Signing Provisions Conditional: Required where there is more than one participating Insurer. D3.5.1 The Signed Lines Guidance issued in December 2005 established the following signing principles: Wherever possible, the (signing) calculation method should be explicit on the submission, subject to Coverholder wishes, allowing the Insurer to determine how their line will be calculated. The Broker should obtain Coverholder instructions regarding signed lines prior to inception, wherever possible. Any post-inception change(s) in signing must be agreed by all parties whose lines are to be varied. D3.5.2 Model Signing Provisions can assist with the implementation of these principles and help to provide certainty of signed lines at inception. This is important for Coverholders, to confirm their security and for Insurers, to confirm their participation and commitment of capital. It also clearly establishes the proportion to be borne by each Insurer in the event of a loss. D3.5.3 The signing provisions contained in this guidance enable the signed lines for each Binding Authority to be clearly determined at the conclusion of placement. Any subsequent variation of these signed lines then requires the documented agreement of the Coverholder and all Insurers whose lines are to be varied. D3.5.4 It is recommended that every Binding Authority should contain a clause which sets out the signing provisions, to assist with certainty in this area. The Model Signing Provisions below have been reviewed by leading counsel. D3.5.5 There are two versions of the Model Signing Provisions; one without a disproportionate signing clause, and one that allows disproportionate signing before inception at the election of the Coverholder. The Broker can select the appropriate version to use on the Binding Authority, taking account of the Coverholder"s requirements. The model clauses are not mandatory and Coverholders, Brokers and Insurers may make additions, deletions or amendments. Insurer signing instructions D3.5.6 The Market Reform Group (MRG), supported by the opinion of leading counsel, recommends that the use of all 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 23 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Insurer signing instructions other than "line to stand" should be discontinued. For example, the use of (Re)insurer signing instructions such as "X% to sign Y%" should be discontinued, as their meaning may be unclear and compromise contract certainty. D3.5.7 If the lines written by Insurers "to stand" should exceed 100% of the order, then the agreement of Insurers would be required to vary these lines. In the event of a disproportionate signing, priority should be given to any intended variation of lines written "to stand". Model Signing Provisions Without Disproportionate Signing In the event that the written lines hereon exceed 100% of the order, any lines written "to stand" will be allocated in full and all other lines will be signed down in equal proportions so that the aggregate signed lines are equal to 100% of the order without further agreement of any of the (Re)insurers. However: (a) in the event that the placement of the order is not completed by the commencement date of the period of the Binding Authority then all lines written by that date will be signed in full; (b) the signed lines resulting from the application of the above provisions can be varied, before or after the commencement date of the period of the Binding Authority, by the documented agreement of the Coverholder and all (Re)insurers whose lines are to be varied. The variation to the Binding Authority will take effect only when all such (Re)insurers have agreed, with the resulting variation in signed lines commencing from the date set out in that agreement. With Disproportionate Signing In the event that the written lines hereon exceed 100% of the order, any lines written "to stand" will be allocated in full and all other lines will be signed down in equal proportions so that the aggregate signed lines are equal to 100% of the order without further agreement of any of the (Re)insurers. However: (a) in the event that the placement of the order is not completed by the commencement date of the period of the 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 24 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Binding Authority then all lines written by that date will be signed in full; (b) the Coverholder may elect for the disproportionate signing of (Re)insurers" lines, without further specific agreement of (Re)insurers, providing that any such variation is made prior to the commencement date of the period of the Binding Authority, and that lines written "to stand" may not be varied without the documented agreement of those (Re)insurers; (c) the signed lines resulting from the application of the above provisions can be varied, before or after the commencement date of the period of the Binding Authority, by the documented agreement of the Coverholder and all (Re)insurers whose lines are to be varied. The variation to the Binding Authority will take effect only when all such (Re)insurers have agreed, with the resulting variation in signed lines commencing from the date set out in that agreement. D.3.6 Line Conditions Conditional: Required where Insurers wish to apply line conditions. This guidance identifies how some of the more common line conditions should be managed: Table 1 lists those line conditions that compromise contract certainty and should not be used. Table 2 lists those line conditions that should not be used, as provisions are made in the body of the contract. Table 3 lists contract specific line conditions which are acceptable as they cannot be readily catered for in the contract. Please note that these contract specific line conditions cannot be stated as Stamp Conditions. Table 1: Line Conditions that if used breach contract certainty requirements Line Condition Reason for Prohibition Wording to be Contract certainty requires wordings to be agreed agreed by the time the Insurer enters into the contract. All signing All other signing instructions are imprecise and instructions other therefore ambiguous, e.g. X% to sign Y%. than lines to stand 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 25 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Table 2: Line Conditions provided for in the Schedule, Security Details or Subscription Agreement sections Line Intended Effect Guidance Condition All terms The Insurer wants Insurers wishing to agree all conditions, to agree all endorsements for their own proportion amendments, endorsements, should insert "XYZ Insurer to agree deletions, changes to terms all terms conditions, amendments, special and conditions deletions and endorsements" under the acceptances and special heading BASIS OF AGREEMENT TO BINDING and acceptances, etc AUTHORITY CHANGES. endorsements to be agreed Claims A condition The RULES AND EXTENT OF ANY OTHER Handling providing for XCS DELEGATED CLAIMS AUTHORITY heading in Authority to agree claims the Subscription Agreement section delegated to on behalf of the provides for this claims handling XCS slip leader. arrangement. Each Insurer A condition The several liability notice is to the extent ensuring that already contained in the model of several each Insurer is wordings therefore the Coverholder liability liable only for will already be aware of the several their amount of liability of the Insurers. risk (Limited Liability). SDD 14/11/05 Notification of The Settlement Due Date by which the date by which Insurers require the premium Insurers require bordereaux to be submitted to XIS for the premium signing should be stated under the bordereaux to be SETTLEMENT TERMS heading in the submitted to XIS Subscription Agreement section. for signing All claims to A condition Insurers wishing to agree all claims be agreed mandating that a should insert their name under the particular CLAIMS AGREEMENT PARTIES heading in carrier wants to the Subscription Agreement section. agree all claims. N.B. – Lloyd"s syndicates must be mindful of the terms of the Lloyd"s Claims Scheme 2006 before adding their name as a Claims Agreement Party. Only the first participating Lloyd"s Insurer (and optionally the second in respect of special category claims) may agree claims. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 26 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Table 3: Acceptable Line Conditions Line Condition Intended Effect Reason for Retention Line to stand A condition to A recognised and ensure that a line acceptable line condition. stays as it is written and is not signed down. Excluding Letters of A condition imposed Risk specific heading Credit and Outstanding by the carrier where particular to reinsurance Claims Advances they will not business and not catered (and/or for incurred provide Letters of for in the contract. but not reported Credit and losses) Outstanding Claims Advances. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 27 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Appendix E Subscription Agreement E.1 Introduction: This section establishes the rules to be followed for processing and administration of post-placement amendments and transactions. E.2 General Guidance: The purpose of these guidelines is to assist Brokers with the initial compilation of the Subscription Agreement, and Brokers and Insurers alike in completing the Agreement during Binding Authority placement. Brokers should ensure that the content is strictly limited to the requirements of each heading. The Subscription Agreement should document all Insurer requirements for the agreement of claims and endorsements. GUAs must not be used on Binding Authorities or Declarations off Binding Authorities. Insurers should indicate their requirements clearly, under the appropriate headings. Insurers must not delete the Subscription Agreement section of the Binding Authority or use stamp/line conditions that specify "No Subscription Agreement" or "Ex Subscription Agreement" or similar. If there are particular provisions Insurers do not wish to apply to them, these can be explicitly stated against the relevant Subscription Agreement heading or in exceptional circumstances not catered for in the Subscription Agreement, be specified as a line condition. (NB. The order of the headings within this section has changed from that previously used in the Market Reform Binding Authority October 2006.) E.3 Guidance on specific fields: E.3.1 Slip Leader Mandatory: State who is the Slip Leader for the Binding Authority. If the Slip Leader for the Binding Authority is known when the contract is produced it must be added by the Broker. If it is not known when the Binding Authority is produced the Slip Leader inserts their name here when they write their line. There will typically only be one Slip Leader per Binding Authority, however there can be circumstances where this does not apply e.g. different Slip Leaders for each section within the same Binding Authority. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 28 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 E.3.2 Bureau Leader Conditional: Only required where the Slip Leader is not also the Bureau Leader. In situations where the Slip Leader is a non-bureau Insurer, it may be necessary to have a Bureau Leader to facilitate the necessary bureau processing. In these circumstances the Binding Authority should include the name of the Bureau Leader. In such cases, subsequent Binding Authority provisions will need to be specific with regard to how any Slip Leader agreements apply to the Bureau Leader. E.3.3 Settlement Terms Mandatory: The number of days from the end of the premium bordereau(x) interval by which Insurers require the premium bordereau(x) to be submitted to XIS for signing or paid to non-bureau Insurer(s). The same period is to be allowed for each subsequent bordereau(x) if a date is shown. If each contract of insurance is agreed by the Insurer and premium paid to them individually rather than on a bordereau(x) basis then this should show words similar to "Various as agreed by the agreement parties on each individual contract of insurance." E.3.4 Basis of Agreement to Binding Authority Changes Mandatory: Specify the basis on which agreement to changes to the Binding Authority Agreement will be made. This should include the method of advising agreed endorsements to the following market if the agreement party(ies) so instruct. Where a Lloyd"s syndicate is following a non-Lloyd"s Slip Leader on a Binding Authority, the lead Lloyd"s Insurer must also agree all Binding Authority changes, which are subject to the provisions of the Lloyd"s Intermediaries Byelaw. N.B. A GUA must not be used on Binding Authorities. E.3.5 Binding Authority Administration Optional: The procedures and arrangements agreed between the Broker and Insurers relevant to the ongoing administration of the Binding Authority, e.g. reporting after the "Binding Authority Agreement year" has expired. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 29 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 E.3.6 Binding Authority Agreement Production Optional: Detail any particular requirements e.g. specific language and the type of documentation to be produced, if any. E.3.7 Basis of Claims Agreement Mandatory: Where claims are referred to Insurers in accordance with the Binding Authority, specify the basis of the claims agreement process with Insurers, e.g. the Lloyd"s 2006 Claims Scheme for Lloyd"s participations on the Binding Authority and IUA claims agreement practices for the bureau company market. E.3.8 Claims Agreement Parties Mandatory: Identity of the parties that will agree claims in excess of any claims authority delegated to the Coverholder or Third Party Administrator. This field must not refer to delegated claims authority which is contained in the schedule. E.3.9 Rules and Extent of any other Delegated Claims Authority Mandatory: If any of the claims agreement parties specified above have delegated their claims processing and agreement to any other party this should be specified here including any limits that may apply, e.g. all claims less than GBP XXXX or experts fees GBP XXXX. It is unlikely that the Broker will be aware of any such arrangements that Insurers may have, so the Insurers who are the claims agreement parties must amend this as necessary. E.3.10 Expert (s) Fee Collection Optional: The party(ies) responsible for the collection of experts fees. Where this is the same on each insurance bound it can be specified here. Where it is likely to vary by declaration "As agreed by the agreement parties for each insurance bound" should be stated The option(s) must be agreed by Brokers and Insurers at the time of placement along with any other qualifications or provisions deemed necessary by any of the affected parties. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 30 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 1. A named service provider to collect London market share only. 2. A named service provider to collect all contract security, including overseas. 3. A named service provider to collect only overseas percentages. 4. Broker to collect fees. 5. Broker to collect experts" fees, to be remunerated on a financial basis agreed between the Insurers and Broker at time of placement. 6. Any other agreement that can be determined between affected parties at time of Binding Authority placement. N.B. The Slip Leader must ensure that any special fee collection arrangements with third party service providers which the expert in question has in place are not prohibited or adversely affected by the selection process above. N.B. Where an option relates to fee collection only in respect of just London or just overseas markets (Options 1 and 3) and there are subscribing Insurers from both markets then more than one option must be specified. The options for fee collection recorded in this document may be used with all London Market Binding Authority Agreements. If a Market Reform Contract Binding Authority is used then the Binding Authority heading will be available to record the necessary information. If the Binding Authority is not produced to the above (Market Reform Contract) structure then it is recommended that a Binding Authority heading of Expert(s) Fees Collection be inserted to record this information. E.3.11 Bureau Arrangements Mandatory: This is a mandatory heading where any specific arrangements relating to the bureau including administrative arrangements for premium settlement, delinked accounting, and policy signing or basis of policy agreement clauses must be stated. E.3.12 Special Arrangements Optional: Any other arrangements affecting the Binding Authority which cannot be more specifically accommodated in the preceding headings. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 31 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Appendix F Fiscal And Regulatory F.1 Introduction: This section provides fiscal and regulatory information of relevance to the Insurers/Reinsurers involved in the risk. F.2 General Guidance: Many of the headings are only required in particular circumstances. These are specified as below. Any changes to the information entered under these headings must be agreed by endorsement. F.3 Guidance on specific fields: F.3.1 Tax Payable by Insurers Mandatory: Any premium taxes and charges payable by Insurers that are deducted from the premium paid to them e.g. Australian Income Tax. Any premium taxes and charges payable by the insured(s) in addition to the premiums which are collected or administered by Insurers must continue to be shown under the heading "Taxes Payable by the Insured and Administered by Insurers" in the Non-Schedule Agreements section. Lloyd's additional instructions: For detailed tax guidance for Lloyd"s business see Lloyd"s Crystal web pages available on www.lloyds.com. F.3.2 US Classification Conditional: Required on all contracts where the original premium is in US Dollars, irrespective of risk location or location of the insured, or where the Coverholder is domiciled in the US. Details required: Only the following classifications are permitted: US Surplus Lines US reinsurance Illinois licensed 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 32 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Kentucky licensed USVI licensed ["USVI" stands for "US Virgin Islands"] Non regulated or Exempt Various. (This is for binding authorities which produce a mixture of the foregoing classifications.) Risks classified as "Exempt" must be exempt from US state "doing business" and Surplus Lines laws. The classification "Exempt" must not be used to identify Surplus Lines risks exempt from tax. Such risks must be classified as "US Surplus Lines". Further details are available from Lloyd"s Regulatory Bulletin 015/2002.pdf issued 26 April 2002, entitled "US Regulatory Requirements". F.3.3 NAIC Codes Conditional: Required on all contracts with the US classification "US reinsurance". Details required: Where the US reinsured differs on each declaration this may be completed "Various as per each declaration". F.3.4 Binding Authority Registration Date and Number Mandatory: Details required: These Lloyd"s key references must be recorded here. F.3.5 Allocation of Premium to Coding Mandatory: Mandatory for Lloyd"s participations/optional for company participation. Details required: The risk code allocated by the first participating Lloyd"s Insurer for FDO signing purposes. May also include details of how the leading company would like the premium split for signing purposes. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 33 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 F.3.6 FSA Client Classification Mandatory: Details required: Based on FSA Client classifications. There are 6 possible options. Retail: Dealing with a retail customer acting outside of their trade or profession. Includes sole trader/partnership, where insurance includes elements of retail risk. Includes private large risks within EEA, see "large risk" (below). Retail exempt: Exempt insurance warranty risks relating to breakdown, loss of, or damage to non-motor goods supplied, or travel insurance for damage to, or loss of, baggage and other risks linked to travel booked with a travel agent. Commercial: Dealing with a commercial, i.e. not a retail, customer. Large risk: Dealing with a commercial customer (Marine, Aviation, or Transport (MAT), Credit and Suretyship, or Property and Liability risks (based on meeting two of the following criteria:- balance sheet size of 6.2 million Euro, net turnover of 12.8 million Euro or have more than 250 employees)). Excludes any large risk insured in name of a retail customer. Group risks: A group policy sold to a customer (retail, commercial or large risk) for the benefit of policyholders in relation to their common employment occupation or activity where some or all are capable of being a retail customer (with requirement to provide a policy summary for policyholders, with policy available on request). Reinsurance: Reinsurance worldwide. F.3.7 Is the Business subject to Distance Marketing Directive? Conditional: Required where the FSA Client Classification specifies Retail or Retail Exempt, or it is a private "Large Risk" within the EEA. Otherwise, if the Client Classification heading specifies Commercial, Large Risk, Group Risks or Reinsurance it must be omitted. Details required: Where it applies the only applicable answers are Yes or No. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 34 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Appendix G Broker Remuneration and Deductions G.1 Introduction: This section provides data relating to brokerage and other deductions from premium. G.2 General Guidance: None G.3 Guidance on specific fields: G.3.1 Total Brokerage Mandatory: The London Broker"s retained brokerage. G.3.2 Other Deductions from Premium Mandatory: Any additional deductions from premium e.g. administration fees, sundry payments etc. (If these do not apply enter "None" under this heading). Any other deductions that are deducted and administered by the Coverholder should not be shown here but in the appropriate section of the Schedule. 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 35 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 Appendix H Requirements for Contracts of Delegation Paragraph 10 of chapter 2 of the Underwriting Requirements (part E of the Intermediaries Byelaw) sets out the following requirements for contracts of delegation involving Lloyd"s Managing Agents. "Every registered and restricted binding authority shall contain the following information, provisions and terms and comply with the following conditions and requirements – (a) an agreement number by which the binding authority can be identified; (b) the name and address of each Coverholder which is a party to the binding authority; (c) the name and address of each Lloyd"s Broker which is a party to the binding authority or which arranged or brokered the binding authority; (d) the syndicate or syndicates on whose behalf each managing agent is delegating authority to enter into contracts of insurance (the "syndicates"); (e) the period of the binding authority which shall be no greater than 18 months from the date of inception of the binding authority in total; (f) the name of the Coverholder"s director or partner who is directly responsible, on behalf of the Coverholder, for the overall operation and control of the binding authority; (g) the names of the Coverholder"s directors, partners or employees who will have authority to enter into contracts of insurance under the binding authority; (h) the names of the Coverholder"s directors, partners or employees (if any) who will have authority to issue documents evidencing contracts of insurance under the binding authority; (i) the name of any person who will have authority to agree claims made on contracts of insurance entered into by the Coverholder under the binding authority; (j) a list of the terms and conditions which must be incorporated in contracts of insurance entered into under the binding authority including - (i) relevant wordings, exclusions and limitations; (ii) the maximum period of cover; (iii) the limits of liability; and (iv) any applicable territorial wordings or general cover conditions as prescribed or endorsed by the Franchise Board; 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 36 of 37 Market Reform Contract (Binding Authority) Version 1.01 March 2008 (k) the maximum aggregate premium income limit in respect of all contracts of insurance that the Coverholder may enter into under the binding authority; (l) the maximum limits of liability in respect of contracts of insurance that the Coverholder may enter into under the binding authority; (m) the territorial limitations on the Coverholder"s authority under the binding authority; (n) provisions requiring the Coverholder to report in respect of all premiums, paid claims, outstanding claims and expenses in respect of contracts of insurance entered into by class or category by the Coverholder under the binding authority; (o) provisions setting out how and when the payment and settlement of monies due from each of the parties to the binding authority should be made; (p) provisions for the cancellation and termination of the binding authority including provisions that the binding authority shall be terminated upon the Franchise Board giving such direction or order to the managing agent or the Coverholder; (q) provisions relating to the ongoing obligations of the Coverholder in the event that the binding authority expires or is terminated or cancelled for any reason; and (r) provisions setting out the jurisdiction and governing law for the settlement of disputes arising from the binding authority." 1a8c710e-693a-4eb0-85f3-8f5fbc72fb65.doc Page 37 of 37
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