The LMA has published two new model clauses – LMA5671 (Funds Withheld Clause) and LMA5672 (Letter of Credit Clause) – to support the negotiation of cross-border reinsurance contracts with Indian cedants. These clauses are designed as starting points for underwriters and brokers working with cedants subject to new requirements introduced by the Insurance Regulatory and Development Authority of India (IRDAI). As this legislation is newly introduced and remains untested, underwriters may wish to seek independent legal advice to ensure the clauses meet their specific needs. As with all LMA model documents, these are intended for guidance only and may be amended to suit individual requirements. The LMA does not assert IP rights over its model documents, and contracting parties are free to use or adapt them as appropriate. For more details, please refer to the full bulletin on the LMA website: https://lnkd.in/eZaz8CJ8 #LloydsMarket #Reinsurance #ModelClauses #IndiaInsurance #CrossBorderContracts #IRDAI #LMAClauses #InsuranceLaw #FundsWithheld #LOCClauses
