Lloyd’s to bypass regulatory hurdles
Lloyd’s will undergo a modernisation to reflect changes in the regulatory environment.
Both UK Houses of Parliament have passed a legislative reform order (LRO) that updates governance provisions in the Lloyd’s Act 1982.
Financial Services Secretary to the Treasury Paul Myners says the LRO removes restrictions that get in the way of the future development of the insurance market.
“Maintaining the city’s competitiveness is a key priority for the UK Government,” he said. “These changes will help Lloyd’s to maintain and enhance its position in the global insurance market.”
Both UK Houses of Parliament have passed a legislative reform order (LRO) that updates governance provisions in the Lloyd’s Act 1982.
Financial Services Secretary to the Treasury Paul Myners says the LRO removes restrictions that get in the way of the future development of the insurance market.
“Maintaining the city’s competitiveness is a key priority for the UK Government,” he said. “These changes will help Lloyd’s to maintain and enhance its position in the global insurance market.”