The Council of Lloyd's has cleared radical reforms to stop Names with unlimited liability from trading in the market. If the proposals are implemented, it will mean the end for the traditional investors who have supported the market since it began in 1688.
The Council of Lloyd's has cleared radical reforms to stop Names with unlimited liability from trading in the market.
If the proposals are implemented, it will mean the end for the traditional investors who have supported the market since it began in 1688.
In April last year, consultants Bain & Co began a review into the future of the 300-year-old market. It worked closely with Lloyd's chairman Sax Riley, and a working party was established to include views from every market sector.
This morning, the Boston-based company presented its recommendations to the Council of Lloyd's.
It suggested:
An end to unlimited liability with no new Names being accepted and all existing Names converting to limited liability by January 2005;
Creating a new vehicle for Names to participate in the market after January 2005. Names will be allowed to support businesses on a contractual basis;
Replacing Lloyd's existing regulatory and market boards and committees with a single franchise board;
Replacing the current three-year accounting system with a more conventional GAAP accounting plan.
The Council, which is the market's ruling body, cleared the proposals. They will now be presented to businesses and representative organisations in Lloyd's.
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