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LONDONThe U.K. Treasury is to make a series of proposals regarding the governance of Lloyd's of London.
Ed Balls, the economic secretary to the Treasury, said Thursday that the proposals would take the form of a Legislative Reform Order to amend the Lloyd's Act 1982.
"The aim of the proposals will be to update the governance arrangements of the market to reduce costs and unnecessary bureaucracy," said Mr. Balls in a statement.
Following a consultation period, the proposals will be published early in 2008.
In a statement, Lord Peter Levene, chairman of Lloyd's, said, "We warmly welcome this move by the government. In the past two decades Lloyd's has undergone significant changes and the proposals to modernize the governance arrangements of Lloyd' s will bring us into line with today's thinking in the wider corporate arena."