The European Commission announced last week that it has concluded its investigation into the regulatory and supervisory regimes governing the Lloyds insurance market, after the UK government announced that it would be bringing them into line with EU law.
According to the AFX news agency, at the beginning of this year, the EC sent a formal letter of notice to the UK authorities asking for clarification of the solvency verification of Lloyds' accounts, further detail regarding its self-regulatory powers, and information on the role of the Lloyds actuary.
However, speaking on Wednesday, a Commission spokesman revealed that following changes implemented by the UK government, the EC is now "satisfied that those aspects of the regulatory and supervisory regime for Lloyds under examination are now compatible with the requirements of the (non-life insurance) directive".
Commenting on the closure of the investigation, Internal Market Commissioner Frits Bolkestein announced that:
"I believe that the Commission's infringement proceedings have had a strong influence in the development of a new legal framework in the UK for the regulation and supervision of Lloyd's."
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