{"id":22918,"date":"2024-12-16T09:13:38","date_gmt":"2024-12-16T09:13:38","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=804888"},"modified":"2024-12-16T09:13:38","modified_gmt":"2024-12-16T09:13:38","slug":"lloyds-of-london-trade-body-examines-planned-conduct-overhaul","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/12\/16\/lloyds-of-london-trade-body-examines-planned-conduct-overhaul\/","title":{"rendered":"Lloyd\u2019s of London Trade Body Examines Planned Conduct Overhaul"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2019\/06\/lloyds-underwriting-room-580x387.jpg\"><\/p>\n<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2019\/06\/lloyds-underwriting-room.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2024\/12\/16\/804888.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2024\/12\/16\/804888.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p class=\"reuters\">Lloyd\u2019s of London members have set up a working party to examine the commercial insurance market\u2019s plans to overhaul its conduct rules, a trade body said on Friday, following criticism of the strengthened powers in the new rules.<\/p>\n<p>Lloyd\u2019s has come under pressure in recent years to clean up the market, home to nearly 50,000 people working for underwriters and brokers, after admitting to problems with daytime drinking and sexual harassment.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"excess-surplus\" data-revive-companies=\"lloyds\" data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>Lloyd\u2019s, which has some regulatory powers, said in September it would overhaul its rules on dealing with poor conduct, as its current processes could be unclear. Its consultation on the proposals ends on Monday.<\/p>\n<p>Arabella Ramage, legal director for the Lloyd\u2019s Market Association, said in an email the trade body was \u201csupportive of Lloyd\u2019s\u2019 aim to ensure the market is well-run, and a great place for people to come and work.\u201d<\/p>\n<p>The LMA will submit a response on behalf of its membership, she said.<\/p>\n<p>The LMA has set up a working group about the consultation.<\/p>\n<p>Plans for the working party follow an article in Reuters publication the Insurer in October by barrister Michael Uberoi, <a href=\"https:\/\/www.theinsurer.com\/ti\/viewpoint\/lloyds-of-london-consultation-seeks-to-significantly-extend-its-regulatory-powers\/\" target=\"_blank\" rel=\"noopener\">criticizing the new rules<\/a>.<\/p>\n<p>Uberoi said in the article that some proposals were \u201cremarkable in their breadth and \u2026 would result in the Lloyd\u2019s regulator enjoying wider powers than those generally enjoyed by equivalent regulators.\u201d<\/p>\n<div class=\"bzn bzn-sized bzn-intext-2\">\n<ins data-revive-zoneid=\"162\" data-revive-topics=\"excess-surplus\" data-revive-companies=\"lloyds\" data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>The new proposals meant, for example, that anyone in the Lloyd\u2019s market alleged to be discussing a case which they had heard about, including from the media, would be at risk of disciplinary action, Uberoi said.<\/p>\n<p>The LMA working party was considering various questions, including the concerns raised in the Insurer article, Ramage said.<\/p>\n<p>Lloyd\u2019s did not immediately respond to a request for comment.<\/p>\n<p>(Reporting by Carolyn Cohn; editing by Rod Nickel)<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/excess-surplus\/\" class=\"btn btn-sm btn-primary tagtag\">Excess Surplus<\/a> <a href=\"https:\/\/www.insurancejournal.com\/company\/lloyds\/\" class=\"btn btn-sm btn-primary tagtag\">Lloyd&#8217;s<\/a> <a href=\"https:\/\/www.insurancejournal.com\/location\/london\/\" class=\"btn btn-sm btn-primary tagtag\">London<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"804888\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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