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. 

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. 

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). 

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.