In the June issue of Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Review, we reported on the the key amendments proposed by the UK Treasury in its draft Lloyd’s Legislative Reform Order (LRO) (the article can be found here). We have also blogged previously the overwhelming support of Lloyd’s members for the proposals (the post can be found here).
On 17 July, the draft LRO was laid before Parliament and both Houses of Parliament now have 40 days to scrutinise and debate the LRO, after which, if it is approved by both Houses, it can come into force under the “affirmative resolution procedure”.
