The London Market Association (LMA), International Underwriting Association (IUA)...

The London Market Association (LMA), International Underwriting Association (IUA), and the London Market Brokers Committee (LMBC) have reached a settlement on Lloyd's terms of business agreements (Tobas).

IUA members will receive a copy of the agreed recommendations in the post at the beginning of next week, the IUA confirmed.

The LMA said the recommendations were not mandatory.

LMBC chief executive David Hough said all three parties were pleased with the outcome of the ongoing discussions.

“I think it is a sensible balanced document,” he said.

A transitional agreement was out in January, but that did not cover non-binding authorities or open market risks.

At the time the LMA said these would be addressed by FSA imposed deadline of July 14, when the transitional arrangements on co-mingling end.

Terms of today's agreement are yet to be disclosed.