Lloyd's intends to reform the 314-year-old market to become a franchise, creating a new partnership between the market and the corporation.
Chief executive Nick Prettejohn, unveiling Lloyd's radical proposals for reform, said: "In the past, a minority of poor performers have run up damaging losses, and we all paid a heavy price.
"The proposals we are announcing today allow us as the future franchisor to monitor and guide the franchisees - the businesses in the market. A new franchise performance director reporting to the new franchise board will lead the drive to raise business standards and spot business problems before they damage the market."
He told Insurance Times that he was interested in "someone from outside the market" to take the role of franchise performance director.
The proposals, known as the Chairman's Strategy Group, hope to make the market more modern and transparent. This will include implementing annual accounting on an international accounting standards; scrapping new unlimited liability members with effect 1 January 2003; and supporting the transition of syndicates from spread to integrated Lloyd's vehicle (ILV) status.
Chairman Sax Riley said: "We are clearly at a turning point in the 314-year-old history of Lloyd's and we are calling on everyone who wants Lloyd's to prosper and London to remain the capital of the global insurance industry to get behind our reforms and help deliver them".
An extraordinary general meeting (EGM) has been called for 12 September for members to vote on the proposals.
