We have reported previously on the progress of the Lloyd’s Legislative Reform Order (LRO) through Parliament (our most recent post can be found by clicking here). The LRO came into force today, Wednesday 19 November 2008.
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Parliament Approves Lloyd’s Reform Order; Lloyd’s Consults on Changes to its Rules
By Troutman Pepper Locke on
We have reported previously on the progress of the Lloyd’s Legislative Reform Order (LRO) through Parliament (our most recent post can be found by clicking here). The LRO has now been approved by both Houses of Parliament and is expected to come into force on Wednesday 19 November 2008.
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Read More Parliament Approves Lloyd’s Reform Order; Lloyd’s Consults on Changes to its Rules
UK: Lloyd’s Issues Guidance on When it Will Take Enforcement Action
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
On 5 November, Lloyd’s issued Market Bulletin Y4202, entitled Principles of Enforcement Action (the Bulletin). The Bulletin, prepared by the Market Supervision and Review Committee (the body responsible for investigating matters of potential misconduct) sets out non-exhaustive list of the types of conduct that may result in enforcement action being taken.
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UK: House of Commons Regulatory Reform Committee Reports on the Draft Legislative Reform (Lloyd’s) Order 2008
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
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).
Governor Charlie Crist and Florida Insurance Commissioner Kevin McCarty meet with Lloyd’s of London
By Troutman Pepper Locke on
Governor Charlie Crist, Florida Insurance Commissioner Kevin McCarty, and Florida House Speaker Designate Ray Sansom were in London on July 15th to discuss state insurance issues. Representing Governor Crist’s Team Florida Trade and Business Development Mission, the delegation met with Lord Levene, Lloyd’s of London chairman. Crist and his team were expected to discuss the role of global reinsurance and the threat of global warming.
Lloyd’s Legislative Reform Order Laid Before Parliament
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
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).
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UK: Update on Changes to the Insurance Business Transfer Regime
By Troutman Pepper Locke on
In April we reported on the UK Treasury’s publication of a summary of responses to its consultation on certain changes to rules relating to insurance portfolio transfers (known as Part VII transfers) (see the post here).
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Lloyd’s Members Vote to Approve Treasury Proposals to Amend Lloyd’s Act
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
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. …
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UK: The London Market Reform Group Appoints a New Chief Executive: Peter Harmer
By Troutman Pepper Locke on
Peter Harmer, chief executive of Aon UK, is to become Chairman of the London Market Reform Group (MRG). He succeeds Stephen Matanle, managing director of Libero Ventures Ltd.
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UK: Lloyd’s Reminds the Subscription Market of Their Obligation to Comply with Competition Law
By Troutman Pepper Locke on
Competition issues within the business insurance sector have been much discussed recently. The European Commission published its final report on its inquiry into the business insurance sector on 25 September 2007. The report highlighted some questions regarding premium alignment between lead insurers and followers in the co-insurance market. …
Read More UK: Lloyd’s Reminds the Subscription Market of Their Obligation to Comply with Competition Law