Lloyd’s Members Approve Proposals to Modernize Governing Statute

At an Extraordinary General Meeting held yesterday, May 21, the membership of Lloyd’s approved a resolution to consent to the proposals to amend the Lloyd’s Act of 1982 by means of a Legislative Reform Order.

The proposals are as described in the Consultation Document issued by HM Treasury in March 2008 and summarized in a letter sent to all members of Lloyd’s by the Chairman of Lloyd’s on March 7, 2008.

A summary of the proposals, as well as links to the original document is available on the IJ web site at: https://www.insurancejournal.com/news/international/2008/03/10/88055.htm).

51.77 percent of Lloyd’s members turned out for the vote. A whopping 99.14 percent of them approved the Treasury’s proposals.

Lloyd’s Chairman, Lord Levene commented: “This is an overwhelming endorsement from our membership in support of the Treasury’s proposals to reform Lloyd’s governance arrangements and improve access to the market. We are grateful for the continuing backing of our membership.”

Source: Lloyd’s – www.lloyds.com

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