Lloyd’s modernisation reforms enter force

Insurance brokers will no longer have to seek Lloyd’s Broker status in order to place business in the Lloyd’s market under a package of legal reforms that update existing governance provisions dating back to the 1982 Lloyd’s Act. The changes, which have been implemented by a Legislative Reform Order following a consultation on HM Treasury proposals for reform in March 2008, are designed to modernise Lloyd’s and “remove restrictions which get in the way of the future development of the insurance market”, the Treasury said.