Lloyd’s looking for market-connected member of Enforcement Board

Lloyd’s looking for market-connected member of Enforcement Board | Insurance Business Canada

Insurance News

Lloyd’s looking for market-connected member of Enforcement Board

Board has initial jurisdiction over misconduct proceedings

Insurance News

By
Terry Gangcuangco

The Council of Lloyd’s is searching for a market-connected member of the Lloyd’s Enforcement Board (LEB), which has initial jurisdiction over all proceedings alleging misconduct.

Established under the Enforcement Byelaw and operates independently of the Council, the LEB currently consists of a chair, a deputy chair, and one market-connected member.

Lifting the lid on who is eligible to become a market-connected member, Lloyd’s noted: “Under section 7(1A) of the Lloyd’s Act 1982, a market-connected member of the LEB must fall within one of the following categories: a working member of the Society (for example, a non-underwriting working member); a director of a corporate member of the Society; an officer or employee of a managing agent, members’ agent, or Lloyd’s broker who is an approved person under section 59 of the Financial Services and Markets Act 2000; or a person who has gone into retirement but who immediately before retirement fell within paragraph (b) or (c) above.”

The Council’s nominations & governance committee will oversee the recruitment process for the additional market-connected LEB member.

“The committee would welcome expressions of interest from qualified individuals who would be interested in joining the LEB, especially from those with experience of legal, regulatory, or compliance matters,” Lloyd’s said.

“Lloyd’s success is integrally linked to the diverse composition of its workforce and the promotion of an inclusive culture. This applies to Lloyd’s governing bodies as much as it does to any other area of its business.”