New York State
Insurance Department


***MEDIA ADVISORY***

LEVIN APPROVES NEW TRUST DEED LANGUAGE FOR LLOYD’S

New York, November 25, 1998

Superintendent Neil D. Levin today announced that the New York State Insurance Department has approved changes to Lloyd’s surplus lines trust deed, capping a yearlong effort to bring the deed’s 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 Lloyd’s activities in North America for the past 60 years.

"I am pleased that we have been able to reach a consensus on bringing Lloyd’s into conformity with the NAIC’s standard trust deed," said Levin. "Today’s announcement is the culmination of a cooperative effort among the states to change Lloyd’s deed language. New York State will continue to fulfill its commitment as the domiciliary regulator of Lloyd’s U.S. activities and the protector of the more than $9 billion of total trust funds that are on account in New York State."


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