Treasury proposes reform of Lloyd’s
The Treasury is to undertake a consultation on proposals to change the governance and regulation of Lloyd’s of London.
The proposed reforms could mean that the Governor of the Bank of England is no longer required to approve appointments to the Lloyd’s council.
They could also remove a requirement for managing agents to accept business only from a Lloyd’s broker, and provide new methods of dealing with potential conflicts of interest.
The changes, which if approved will take the form of a legislative reform order, are aimed at modernising the Lloyd’s market and would relax certain rules, such as the requirement for the chairman and deputy chairman of the Council of Lloyd’s to be working members.
The new measures would also lift various restrictions on the election of working members and redraft powers of delegation.
Secretary to the Treasury, Angela Eagle MP, says: “The reforms I am proposing … complement the reforms that Lloyd’s itself has already put in place, and will help it continue to compete in the global insurance market of the 21st century.”
The consultation period closed on 30th May and Ms Eagle has welcomed comments from all concerned.
Category: Insurance News
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