The joint chairman of the London Market Principles (LMP2001) steering group has urged companies to surrender outdated business practices.

Speaking exclusively to Insurance Times, Stewart McCulloch said if firms did not embrace proposals to modernise, Lloyd's and the Company Market would become “a market of last resort”.

In June, plans to implement LMP2001 were postponed following concerns over the legality of new policy slips.

Later that month, a team consisting of representatives from the broking and underwriting communities was formed to help push the project forward.

McCulloch said: “Delaying is neither the first nor the last hurdle we will face as we move towards implementation.”

The new slips are due to be introduced to the market later this month.

  • Stewart McCulloch talks about the latest LMP2001 developments on page 21.

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