Lloyd's has added its weight behind fresh calls for a US-wide insurance regulator to be created.
Chairman Lord Levene and former deputy chairman Bronek Masojada joined long-standing advocate, Maurice ‘Hank' Greenberg, chief executive of CV Starr and former chairman and chief executive of AIG, in calling for a US federal charter for insurance regulation.
It would see the industry regulated by federal government as opposed to separate states, and provide it with proper representation in Congress like the banking industry has, according to Greenberg.
He told a packed Lloyd's lecture: “There is a momentum of dissatisfaction with the current system and I think we have got a chance that legislation will be introduced.”
Masojada said from a Lloyd's perspective it would like to see a single federal charter.
Levene added: “As a victim of the existing system and the iniquities that Lloyd's has had to suffer over collateral, the sooner a new system come in the better.”
Meanwhile, CV Starr has been given a licence to operate in China with the possibility of joining Lloyd's new reinsurance platform.
Greenberg, said: “The chairman [Lord Levene] has worked hard to get Lloyd's into China and Shanghai and I am pleased to say we will have a syndicate there too.
“It will start out as just reinsurance, but over the years it will grow and prosper and broaden the franchise,” he added about the Lloyd's platform, which launched in January.
