Parliament considers Lloyd’s governance reforms

by Gill Montia

Story link: Parliament considers Lloyd’s governance reforms

Draft legislation to reform the governance of Lloyd’s of London was yesterday introduced to Parliament by Kitty Ussher MP, the Economic Secretary to the Treasury.

In addressing the House, Ms Ussher said that the Government is committed to maintaining the City’s competitiveness, and that the Legislative Reform Order (LRO) will help Lloyd’s maintain and enhance its position in the global insurance market.

The LRO contains proposals that will relax the rule requiring the Chairman and Deputy Chairmen of Lloyd’s to be working members and remove restrictions on elections to the Lloyd’s Council.

The new legislation will also remove the restriction that requires managing agents generally to accept business only from a Lloyd’s broker.

The measures also redraft powers of delegation of the Lloyd’s Council and remove the need for the Governor of the Bank of England to approve appointments to the Council.