The Legislative Reform (Lloyd's) Order 2008 comes into force
16-Feb-2009 | Financial Institutions & Services
Lawyers Toby Vallance, James Crabtree
Following a detailed consultation by HM Treasury and Lloyd's, on the 19 November 2008 the Legislative Reform (Lloyd's) Order 2008 came into force, bringing with it some of the biggest changes to Lloyd's governance in recent history. Arguably the leading change amongst the reforms is that Lloyd's underwriting members will now be able to do business with non-Lloyd's brokers. Here, we set out the specifics of this aspect of the LRO and will provide brief comment on the potential effect this change could have.
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