The International Underwriting Association (IUA) is due to meet the London Market Reform Group (MRG) on Thursday to discuss a "contract certainty model plan".

The plan, which is yet to be signed off by the MRG, has been designed to give best practice guidelines to the subscription market.

Incorporated into the document are proposals to employ set standards across the market and ensure contract wordings are agreed much earlier in the inception process.

IUA chief executive David Matcham said: "Many members are working on their own plans. This is not a nicety, it is a necessity."

Matcham said the IUA would be rolling out its proof of concept exercise "to see if businesses are ready in practical terms" for contract certainty.