Underwriters Expect More Scrutiny Over Lloyd's Reforms
Law360, London (October 12, 2020, 12:18 PM BST) -- Insurers believe that underwriters will come under heightened legal and regulatory scrutiny as a result of a modernization drive at Lloyd's of London, according to an industry survey published by Clyde & Co LLP on Monday.
The law firm found that more than four in five, or 82%, of insurers believe that the specialist insurance market's so-called Blueprint One strategy will result in more red tape for managing general agents in the market. That sentiment was shared by 89% of the agents.
Lloyd's, a 330-year-old insurance institution, announced the modernization blueprint in September 2019 to gradually introduce new technology into the...
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