The House of Lords has today approved a Legislative Reform Order to amend Lloyd’s Act 1982 (“the LRO”). This follows the House of Commons’ approval of the LRO on 10 November 2008. The LRO will come into force on Wednesday 19 November 2008.
The reforms introduced by the LRO have been widely consulted upon by HM Treasury and received the overwhelming support of our members at an Extraordinary General Meeting on 21 May 2008.
We are delighted that Parliament has approved the LRO. Lloyd’s has changed significantly since 1982 and this package of measures, developed by the Government as part of its commitment to maintain the City’s competitiveness, will help support Lloyd’s drive to become more modern, transparent and efficient. They will help to ensure Lloyd’s can compete on an equal footing with its rivals and truly become the platform of choice.
