Lloyd’s in search of market-connected member of Enforcement Board
Lloyd’s in search of market-connected member of Enforcement Board | Insurance Business Australia
Insurance News
Lloyd’s in search of market-connected member of Enforcement Board
Board has initial jurisdiction over all 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.”
Those who are interested have until July 19 to send any expression of interest to [email protected].
Lloyd’s added: “The nominations & governance committee would be grateful if you could include in your expression of interest: a brief statement of any experience that you consider relevant to the role; and an explanation of your eligibility to serve as a market-connected member of the LEB under section 7(1A) of the Lloyd’s Act 1982.”
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