Frequently asked Questions
The iMRC is an evolution of the MRC and introduces an updated layout to enable data extraction by market participants and placement platforms.
The iMRC will enable accurate, standardised data to flow through the entire transaction lifecycle with minimal human intervention. It will be fundamental to the success of our transformation for open market placement.
While the launch of the iMRC does not mean there will be a move to fully digital contracts at this time, it is an exciting first step on the journey.
The LMG’s Data Council is in full support of the introduction of the iMRC as one adoption path towards computable contracts.
The iMRC will play a key role in embedding data standards and strengthening data quality. The updated guidance supports the creation of iMRCs which will enable easier data extraction by market participants and placement platforms. It will also ensure the data submitted for processing is consistent throughout the end-to-end journey.
The launch of the iMRC will ensure that all the relevant data related to the risk is clearly represented in the legally binding contract, which puts the ultimate record of the policy in the hands of the customer and will help align data across all processes.
The iMRC includes the primary CDR fields that are required at the point of bind (see “Stage of Availability” in the CDR here).
However, primary CDR fields that are required prior to settlement (not at the point of bind) are currently not included in the iMRC. It is estimated that only 20% of contracts are subject to this type of information, much of which appears in the Schedule of Values (e.g. vessel tonnage).
Any CDR fields that can be derived from other fields (also referred to as B fields) are also not included in the iMRC. One exception is the Risk Code, which may continue to be included within the iMRC as the market transitions towards digital services. Once the digital services are live, it is anticipated that Risk Codes will no longer be required as they will be derived from data collected within the CDR.
From 5th July, the LMG’s Data Council will be running a consultation process, supported by Lloyd’s, which will enable the market to give feedback on the proposed changes to the MRC.
Alongside the consultation the LMG’s Data Council will be conducting a full legal and regulatory review of the revisions, to ensure the amendments that have been made do not compromise any legal or regulatory requirements.