I am today publishing “Proposals for a Legislative Reform Order to amend Lloyd’s Act 1982”. Copies have been deposited in the Libraries of the House. This consultation document sets out proposals to modernise the governance arrangements of the Society of Lloyd’s, to remove administrative burdens, and to get rid of outdated restrictions which impede the efficient functioning of the market. The proposals complement the market-related reforms that Lloyd’s is already pursuing, which the Government support, and which are geared to maintaining the competitiveness of Lloyd’s in the global marketplace.

The Government’s reforms are being proposed under the Legislative and Regulatory Reform Act 2006 and satisfy the pre-conditions and constraints of that Act. Chapter two of the consultation document provides the legal analysis for this. As required under the Act, the Government are now consulting widely on the reforms.