Lloyd's of London Under Scrutiny: New Conduct Rules Examined

Lloyd's of London is scrutinizing its commercial insurance market's conduct rules after criticism. A working party aims to address concerns about the new rules which expand regulatory powers. The Lloyd's Market Association supports the reforms but reviews potential overreach highlighted by barrister Michael Uberoi.

Lloyd's of London members have initiated a working party to scrutinize the commercial insurance market's conduct rules overhaul, according to a trade body announcement on Friday. This move follows critiques of the increased powers within the new regulations.

The venerable market, employing close to 50,000 underwriters and brokers, has faced calls for reform, especially concerning behavior issues like daytime drinking and sexual harassment.

The Lloyd's Market Association has expressed support for the initiative to enhance market governance while highlighting potential overreach concerns raised by barrister Michael Uberoi.

(With inputs from agencies.)