The LMG has advised that market firms should be using the MRC v3 from September 2023 at the latest to ensure adoption for risks incepting 1st January 2024. Getting used to creating, reviewing, and approving this version now will put the market in good stead for when the phase two digital services come online in April 2025.
There is separate MRC guidance for binders which has not been updated as yet. While we have not specifically made amendments for treaties and lineslips, as per the MRC guidance, it is recommended this is used. There is no specific agreement for consortia – however as per the Core Data Record (CDR)/MRC guidance, a consortia could be added as a market on the contract.
In terms of rejections, the Bureau does not reject MRCs. If there is missing information this might result in delays while queries are resolved. MRC v3 is a key step towards standardized placement submissions and longer-term data first submissions (via a CDR).
Yes. The following artefacts provide useful info:
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the ACORD GRLC contract, risk and pre-accounting implementation toolkit was published on 1st September 2023. This provides the vast majority of the information that is needed, although you will require ACORD membership to view the document.
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ACORD Solutions Group will be publishing lower-level technical information on how to interact with APIs and security – the timeline for this is to be confirmed.
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Process, Roles and Responsibilities (PRR) for the creation, approval and submission of the Core Data record were published at the end of July 2023.
Later this year a ‘Good Practice’ Guide will be published by the LMG. This will offer advice on the optimal way of deploying the PRR recommendations into systems and processes and guidance for broker and carrier practitioners on how to operate the new or revised process, roles, and responsibilities.
Yes, service companies will need to create, approve, and submit the CDR as, in the eyes of the new system, they are a broker like any other transacting business on behalf of the carrier and so the system doesn’t see a difference.
We have taken your suggestion of a CDR sample record and added it to the backlog of work going forward as a potential item.
The Market Business Glossary which is hosted by LIMOSS provides details of the CDR fields and business validations required for downstream processing of the placement data. The ACORD specifications and schema provide the technical specifications for the messages to send data to the market gateway (ASG Adept). The ACORD information is under license and accessible through the ASG portal.
Yes, we are now using the LIMOSS Market Business Glossary (MBG), it has been updated to v3.2 and we have added the recommended creator and approver to it.
Each new CDR replaces the previous version, but a log of all versions of CDR submissions is retained. A new CDR Retrieval Service will allow users to retrieve versions they are entitled to view.
Full MRCv3 extraction (to support the CDR) has been broken into 3 steps:
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Step one complete – Supports MRC V3 extraction to the current GPM.
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Step two – October 2023 – Supports the revised sectionalisation in MRC v3.
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Step three – Q4 2023 – New items that are not currently extracted by SDC that are required for CDR and exist within MRC v3.
The existing SDC GPM (GRLC 2013-06) will not change. SDC will introduce (in addition to the GPM) the new ACORD message standard that supports the CDR.
SDC will be updated to support CDR compliant message extraction for the existing carrier client base. Discussions around opening the SDC Service for other users (e.g., brokers, vendors) is ongoing. Target date for CDR extraction is Q1 2024. NOTE: Not all CDR data points are in the MRC, SDC will extract and format those elements that are in the MRC v3.
