New York State
LEVIN APPROVES NEW TRUST DEED LANGUAGE FOR LLOYDS
New York, November 25, 1998
Superintendent Neil D. Levin today announced that the New York State Insurance Department has approved changes to Lloyds surplus lines trust deed, capping a yearlong effort to bring the deeds language into greater alignment with the National Association of Insurance Commisioners (NAIC) standards for other alien surplus lines insurers. These changes are the culmination of an intensive effort to modernize the trust deeds that have governed Lloyds activities in North America for the past 60 years.
"I am pleased that we have been able to reach a consensus on bringing Lloyds into conformity with the NAICs standard trust deed," said Levin. "Todays announcement is the culmination of a cooperative effort among the states to change Lloyds deed language. New York State will continue to fulfill its commitment as the domiciliary regulator of Lloyds U.S. activities and the protector of the more than $9 billion of total trust funds that are on account in New York State."