WIREDGOV

Consultation to modernise Lloyd's of London launched

HM TREASURY News Release (27/08) issued by The Government News Network on 7 March 2008

Exchequer Secretary to the Treasury, Angela Eagle MP, today launched a consultation to modernise the governance arrangements of Lloyd's of London and to remove restrictions which impede the way the Lloyd's insurance market operates through a Legislative Reform Order (LRO).

The consultation is part of the Government's ongoing commitment to support City competitiveness, and follows the Government's promise last year to bring forward proposals in 2008.

Launching the consultation, Angela Eagle said:

"The reforms I am proposing today complement the reforms that Lloyd's itself has already put in place, and will help it continue to compete in the global insurance market of the 21st century.

"This consultation is a chance for anyone with an interest in the future of Lloyd's to influence these proposals, and I welcome comments from all concerned."

The consultation closes on 30 May 2008.

NOTES FOR EDITORS

1. The consultation is available on the Treasury website: http://www.hm-treasury.gov.uk/Consultations_and_Legislation/consult_index.cfm

2. A Legislative Reform Order is a Statutory Instrument made under the Legislative and Regulatory Reform Act 2006. A legal analysis of the conditions an Order must satisfy is set out in chapter 2 of the consultation document.

3. Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk

4. This press release and other Treasury publications and information are available on the HM Treasury website. If you would like Treasury press releases to be sent to you automatically by email you can subscribe to this service from the press release site on the website.