Firms must have contract certainty plan by 13 May says Lloyd's

All companies trading in the London market must have a plan for achieving contract certainty by May 13, the Market Reform Group (MRG) demanded today.

MRG chairman Nick Prettejohn said all firms must also name the board level contact who will take responsibilty for the implementation of contract certainty.

The MRG will then assess 30 of the largest firms to judge the market's progress.

In December 2004 the FSA laid down the deadline of the end of 2006 for all insurance contracts to be verifiably ‘certain'.

An MRG statement released today said: “Contract certainty is achieved by the complete and final agreement of all terms between the insured and insurers before inception.”