Consultation proposes changes to the governance and regulation of Lloyd’s market
The Governor of the Bank of England would no longer be required to approve appointments to the Lloyd’s council under a raft of market reforms outlined by the Treasury.
It would also remove the restriction that requires managing agents to accept business only from a Lloyd’s broker, and change the way potential conflicts of interest are managed.
The consultation document on modernising the Lloyd’s market also proposes relaxing the rules requiring the chairman and deputy chairman of the council to be working members; remove restrictions on election affecting working members; and modernising the delegation powers.
Launching the consultation, which would form the basis of a legislative reform order if approved, secretary to the Treasury, Angela Eagle MP, said: “The reforms I am proposing today complement the reforms that Lloyd’s itself has already put in place, and will help it continue to compete in the global insurance market of the 21st century.
“This consultation is a chance for anyone with an interest in the future of Lloyd’s to influence these proposals, and I welcome comments from all concerned.”
The consultation closes on 30 May 2008.
