Clear guidance on how contract certainty should be achieved will be delivered to the London market in May, LMA chief executive Simon Sperryn said.
Sperryn said a draft of the business plan was delivered to Lloyd's Market Reform Group last week. The document outlines how brokers should be working with underwriters to achieve contract certainty.
David Hough executive director of the London Market Brokers Committee (LMBC) which is working with the LMA on contract certainty told Insurance Times: "What we are looking at is getting certain underwriters to underwrite certain classes, and pre-agree wordings between those brokers and underwriters."
Once agreed the Xchanging Insure (XIS) system will speed up checking and policy signing of the agreement, he said.
Last year FSA chief executive John Tiner demanded the market come up with a solution before the end of 2005.