Lloyd’s market under review
Government regulation of the UK-based Lloyd’s market could be relaxed, in conjunction with a wider review of the London insurance market.
Treasury Economic Secretary Ed Balls announced last week the UK Treasury had developed legislation to modernise the governance arrangement following consultation with the market.
Mr Balls said the Government’s proposals were directed at reducing costs and bureaucracy, with the final blueprint to be released at the end of the year.
Lloyd’s Chairman Lord Peter Levene, Willis Re CEO Graham Millwater and Ace European CEO Andrew Kendrick were asked to review the London insurance market in 2006, alongside a review by the Financial Services Authority.
Lord Levene welcomed the review of the London market.
“In the past two decades, Lloyd’s has undergone significant changes, and the proposals to modernise the governance arrangements will bring us into line with today’s thinking in the wider corporate arena,” he said.
Treasury Economic Secretary Ed Balls announced last week the UK Treasury had developed legislation to modernise the governance arrangement following consultation with the market.
Mr Balls said the Government’s proposals were directed at reducing costs and bureaucracy, with the final blueprint to be released at the end of the year.
Lloyd’s Chairman Lord Peter Levene, Willis Re CEO Graham Millwater and Ace European CEO Andrew Kendrick were asked to review the London insurance market in 2006, alongside a review by the Financial Services Authority.
Lord Levene welcomed the review of the London market.
“In the past two decades, Lloyd’s has undergone significant changes, and the proposals to modernise the governance arrangements will bring us into line with today’s thinking in the wider corporate arena,” he said.