Placement, Broker & Insurer phase one

Managing Agent playbook – phase two

In this scenario, both the Broker and the Insurer have only adopted phase one solutions

Phase two placements one diagram

Step 1: Pre-Bind & Bind

There is no change to the pre-bind process: document exchanges are expected to happen as they do today, using the same placing platforms or other channels between brokers and insurers.

There are no changes to the MRC v3 related to the phase two go-live, but at this point, MRC v3 is expected to have been adopted for the majority of the contracts in the market.

Step 2: Post-Bind

Actor Broker Insurer NoChange

MRC v3 & supporting documents

Brokers will continue to originate the MRC v3 documents.

Some brokers have already begun issuing MRC v3. Insurers should familiarise themselves with the MRC v3 guidance in preparation for receiving the new templates from brokers in Q4 2023.

All market participants are encouraged to move over to the MRC v3 by 1/1/2024. This next version of the MRC is a requirement before Blueprint Two is implemented.
There is separate MRC guidance for binders which has not been updated yet. Whilst there have not been specific amendments made for treaties and line slips, as per the MRC guidance, it is recommended this is used. There is no specific agreement for consortia - however as per the CDR/MRC guidance, a consortia could be added as a market on the contract.

The MRC v3 guidance can be found here.

Broker, central services and insurer grey background

IMR, IMR Portal and Market Gateway

The IMR will remain as the platform which will store the MRC. The IMR portal will also remain as-is and available to use by insurers in phase one and phase two.

The Market Gateway (ASG Adept) will remain unchanged from phase one, but it will introduce new access points for phase two interactions. It will be the physical gateway used to access the Digital Gateway (IROS), IPOS and ICOS. The Market Gateway (ASG Adept) will be a different gateway from the Digital Gateway (IROS).

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Managing Agent playbook links