Draft Legislative Reform (Lloyd's) Order 2008 : sixth report of session 2007-08, report, together with formal minutes and written evidence

"The Draft Legislative Reform Lloyd's Order 2008" (ISBN 9780110834504) proposes a number of reforms in the governance of Lloyd's together with changes in certain restrictions on the operation of the Lloyd's insurance market.

The Committee's assessment of the Order is based entirely on the merits of the proposed six governance reforms and two market-related reforms contained therein.

These are specific to Lloyd's and have no direct connection with present conditions in financial markets.

The Committee has considered the relevant tests in the Legislative and Regulatory Reform Act 2006 and carefully reviewed the consultation documents and submissions relating to the proposal.

On balance, it believes that the proposed reforms will be beneficial and that the proposed replacement regulatory safeguards are adequate.

The governance reforms are consistent with moves toward better governance and are balanced with appropriate safeguards.

The Committee recommends that the draft Order be approved.