Lloyd’s Welcomes Overhaul of U.S. Regulations

Lloyd’s has welcomed the focus given to international issues in the US Treasury Blueprint for modernizing the US financial regulatory structure. The report sets out how the US Treasury believes financial regulation, including insurance, should be reformed over the short, medium and longer term (See IJ web site – https://www.insurancejournal.com/news/national/2008/03/31/88682.htm).
The Blueprint proposes the establishment of an Office of Insurance Oversight at federal level which would deal with international regulatory issues.”

Sean McGovern, Lloyd’s Director and General Counsel stated: “We are pleased that the US Treasury has recognized the immediate need to address international regulatory issues affecting (re)insurance.

“The ability of the US to speak with one voice on such issues and to ensure uniform implementation of US policy throughout the States is in the interests of the US and its trading partners. We hope that this new approach will finally lead to a resolution in the reinsurance collateral debate and an improvement in the overall competitiveness of the industry.”

Source: Lloyd’s – www.lloyds.com