The London Market Principles (LMP2001) will be renamed following its failure to be implemented this year.
The plans to streamline Lloyd's and the Company Market were originally due to be introduced to the London Market on July 1. But concerns about the legality of the new policy documents and the impact of the World Trade Centre (WTC) tragedy have resulted in delays.
Now the new slip will be used next year and sources at the Ins-sure Services conference in Brighton hinted the project will be renamed "LMP".
But speaking at the conference, International Underwriting Association (IUA) chairman Stephen Cane urged the market to persevere with the reforms.
"LMP has not gone entirely to plan," he said. "But it has notched up positive achievements like the uniting of the Company Market and Lloyd's through Ins-sure.
"The WTC has put a dampener on the progress we have made. But it is vital we continue to strive throughout the hard market. Money and claims should not move around so slowly."
Ins-sure Services information technology director David White has promised the basic infrastructure behind LMP2001 will be functional in the next few months.
Speaking at the conference in Brighton, he said: "Despite the delays in the new slips, we will have the Contract Management Register (CMR), which contains core information of risks being placed in the London Market, ready to go at the end of this year."
Project manager for service provider Ins-sure Andy Broady added: "Further enhancements to CMR will be made throughout 2002 to fully meet LMP2001 requirements."
To modernise claims processes in the market, Ins-sure was instructed by the LMP2001 programme office to meet 15 requirements for the Claims Loss and Advice Settlement System (CLASS). These included allowing insurers to access claims information online concurrently and streamlining the agreement process.
But Broady said: "Only one requirement, where brokers input a single claim record for both markets, will not be met. This will avoid changes to brokers' systems and will not be to the detriment of the LMP2001 reforms."
Partner of claims at Jardine Lloyd Thompson (JLT) Risk Solutions, Keith Root, said: "We can still supply Lloyd's and Company Market records and CLASS will put them together."
