Lloyd’s Members Vote to Approve Treasury Proposals to Amend Lloyd’s Act

At an Extraordinary General Meeting held on 21 May 2008, the membership of Lloyd’s approved a resolution to consent to the proposals by the UK’s Treasury to amend the Lloyd’s Act 1982. The proposals are as described in the Consultation Document issued in March 2008.

The vote was held on a capacity-weighted basis. According to figures released by Electoral Reform Services, the result of the vote on a capacity-weighted basis is as follows:

         For: 99.14%

         Against: 0.86%

         Turnout: 51.77%

The UK’s Treasury’s Consultation Document can be found here.

Look out for the June issue of Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Review, which will contain a summary of the key amendments proposed.