Reforms will 'enhance position of Lloyd's as global insurance market'.
Economic Secretary to the Treasury, Kitty Ussher MP, yesterday laid before Parliament a draft Legislative Reform Order (LRO) taking forward proposals to modernise the operation and governance of Lloyd's of London.
Ussher said: "The Government is committed to maintaining the City's competitiveness, and the Legislative Reform Order will help Lloyd's of London maintain and enhance its position in the global insurance market.
"I am delighted that the Government's proposals, which will strengthen the governance arrangements at Lloyd's and assist the future development of the Lloyd's insurance market, have received such a wide degree of support."
The laying of the LRO follows a public consultation by HM Treasury. The LRO will now be scrutinised and debated by both Houses of Parliament.