International Regulatory Update

Lloyd’s international regulatory newsletter aims to keep compliance officers and others in the market informed of developments in insurance regulation and compliance worldwide.

International Regulatory Update - Summer 2008
In this issue of International Regulatory Update, we feature articles on developments in many countries, demonstrating the broad scope of regulatory issues to which Lloyd's and international insurers must respond.  We report on developments in the EU from the more thought-provoking, such as the potential for class actions, to the more technical, including the extension of the Financial Services Compensation Scheme and the provisions of the new Portuguese Insurance Contract Act.
Looking further afield, we also have updates on the overhaul of financial services regulation in New Zealand, and as we progress through the hurricane season, we consider Lloyd's response in the US to emergency legislation.
Since our last publication, there have also been a number of important conferences to report, including the Financial Crime Seminar in March at which Richard Wardle, Director of the Serious Fraud Office, gave a very informative presentation, and the Insurance Law and Regulation Conference held at Lloyd's in May at which presenters included David Hertzell of the Law Commission and Michel Flamée, Chairman of the International Association of Insurance Supervisors, who spoke on current regulatory challenges (their speeches are available on Lloyd's website).

One of the challenges Lloyd's faces is the degree and pace of regulatory change, ensuring that we not only address and respond to legislative or regulatory changes on behalf of the Lloyd's market but also lobby regarding proposed regulatory changes at the earliest opportunity.

Canada is an example where extensive changes are being introduced.  At the time of writing, the implications of changes to the definition of regulated Canadian business are still being reviewed, but a market bulletin will be released shortly detailing the implications for managing agents and brokers alike.

Japan and Australia are further examples where regulators have been considering wide-ranging reforms that may potentially result in new regulatory arrangements.  Lloyd's spends a significant amount of time dealing with regulators in each country to ensure that Lloyd's interests are protected and its unique structure catered for within any legislative reform.  This is also supported by an education process, including the annual regulators' programme run by Lloyd's, which forms the subject of a short article in this edition.

We hope that this Summer Update is of interest to you and welcome any feedback you might have or suggestions regarding items of interest that you would like to see covered in future editions. 

Rosemary Beaver
Head of International Market Access
                  
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Download International Regulatory Update- Summer 2008 (978KB, pdf)

We are happy to receive any comments and questions that you may have on this publication. Please email LITA@lloyds.com