C onsultation on proposed changes to Lloyd's Act closed at end of May
The London Market Association (LMA) has stated its support for the proposed changes to the Lloyd’s Act, which will see the market opened up to non-Lloyd’s brokers as well as overhaul its corporate governance.
In the foreword to the LMA’s annual report, chief executive David Gittings said: “The board is fully supportive of any initiatives that will further improve the efficiency of the Lloyd’s market and its competitive position, and is generally in agreement with the proposed governance reforms, although there is wide range of views among board members on some of the detailed proposals.”
The proposed changes to the Lloyd’s Act went out to public consultation, which closed on 30 May.
Gittings highlighted the LMA’s priorities for the coming year, including continuing to promote the electronic placing of business; working with the EU on various inquiries into competitiveness and transparency; working with the FSA and broking community to find a solution to the ongoing debate over commission disclosure; and developing talent and skills within the market.
The report said that work to file claims electronically continued, with improvements to the system due to be launched in November. An update to hardware to improve stability and increase capacity is also slated for the second quarter of 2009.
The Insurers Market Repository contract, governing services, service levels and pricing, will be provided to the market for rubber-stamping later this month.
Gittings added: “There still remains much more to be done in 2008. I welcome comments on any aspect of our planned acitivity. A unified market greatly enhances the LMA’s effectiveness.”