Lloyd's is considering rewriting its introductory test to include questions on the Company Market.
The Lloyd's Introductory Test is a one-hour compulsory examination for underwriters in the 300-year-old market. It includes multiple-choice questions on insurance, reinsurance and legal principles and focuses on classes of business and regulation at Lloyd's.
For the past five years, the International Underwriting Association (IUA) has campaigned to gain recognition of its involvement with Lloyd's.
IUA education and training executive committee chairman Graham Nicols said: "We estimate more of our members have an interest in Lloyd's. At least 25% of corporate capital at Lloyd's is backed by our members.
"We are aware of the requirements by bylaws and that people operating in Lloyd's must take the test. But we feel the test does not contain any information about the company market."
He said the IUA could draft a similar test for the Company Market. But he added: "That seems to be a bit of a foolish move when it would include Lloyd's."
It is proposed the test should also contain questions on the London Market Principles, which aim to modernise back offices systems and speed up processing and claims within London.
Lloyd's training advisory group chairman, Ken Davidson will discuss ways to create a revised qualification, which satisfies Lloyd's requirements and reflects the Company Market protocol and procedures. A timetable for changing the test will be drawn up in early 2002.
