Select Committee on Regulatory Reform Sixth Report

1  Introduction

1.  The draft Legislative Reform (Lloyd's) Order 2008 and Explanatory Document (ED) were laid before Parliament on 17 July 2008 under section 14(1) of the Legislative and Regulatory Reform Act 2006 (LRRA). Pursuant to section 1 of the LRRA, which grants power to remove and reduce burdens, the draft Order proposes a total of eight reforms to the operation of Lloyd's: six concerning Lloyd's governance and two removing or replacing restrictions on the working of the Lloyd's market. We put a number of questions about the draft Order to the Treasury in correspondence, the contents of which are annexed to this report. Because the proposed governance changes include changes to matters such as the term of office of the Chairman and Deputy Chairmen, they may be better understood in the light of the overview of current arrangements contained in the following section.

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Prepared 20 October 2008