Following consultation with the Lloyd’s Market Association, the Association of Lloyd’s Members and the Financial Services Authority, the Council of Lloyd’s has updated the Solvency and Reporting Byelaw to reflect FSA rules and changes to Lloyd's market practice. The new byelaw, the Solvency and Reporting Byelaw (No. 5 of 2007), revokes the previous byelaw from 1990.
Furthermore, the Council of Lloyd’s has amended the Premium Trust Deed to align Lloyd’s rules with the FSA’s rules on asset admissibility.
For further information: Lloyd’s Market Bulletin Y4063 (3 October 2007) (PDF 35KB)