HM Treasury is expected to publish a consultation paper shortly (in the next few weeks) on updating Lloyd's corporate governance procedures and other matters concerning the efficient operation of Lloyd's. The consultation period will last 3 months. After responses have been received and analysed, changes to the Lloyd's Acts 1872 and 1982 (two of the key acts of parliament governing Lloyd's of London) would be proposed by way of a Legislative Reform Order, requiring ratification by Parliament.

It is anticipated that changes are to be put forward to extend the tenure of the officeholder of Chairman of Lloyd's to a maximum of three terms. Under current rules, a Chairman of Lloyd's is limited to serving two three-year terms. Lord Levene of Portsoken, the current incumbent as Chairman of Lloyd's, is due to stand down in November when his second three year term concludes. Assuming that the changes pass through the consultation period and complete the parliamentary ratification processes before then, Lord Levene would be eligible to serve a third term. According to a report in the Financial Times (25 February 2008 - London edition), it is understood that the Council of Lloyd's has invited Lord Levene to serve for a third term, conditionally on the legislative amendments being passed, and he is set to accept.