We have blogged previously on the progress of the Lloyd’s Legislative Reform Order, which will have the effect of amending elements of Lloyd’s constitution, as well as changing the role of Lloyd’s brokers in the marketplace (our most recent post can be found by clicking here).

The House of Commons Regulatory Reform Committee has now considered the Order and its report was published on 20 October 2008. The Committee has reviewed the consultation documents and submissions relating to the proposal and expressed the belief that, on balance, the proposed reforms will be beneficial and that the proposed replacement regulatory safeguards are adequate.

The Committee has recommended that the draft Order be approved.

The Committee report can be found by clicking here.