Lloyd’s and the DFSA establish framework for co-operation

As Lloyd’s sees its first anniversary in Dubai, an arrangement was established last week between the Dubai Financial Services Authority (DFSA) and the Society of Lloyd’s. 

Signed by DFSA chief executive Ian Johnston and Lloyd’s chairman John Nelson, who travelled to Dubai to take part in the events celebrating a successful year of the Lloyd’s office in Dubai, the framework aims to promote an efficient and effective flow of information between the DFSA and the Society of Lloyd’s in relation to Lloyd’s syndicate service companies and other coverholders who operate in the Dubai International Financial Centre. 

Commenting on the arrangement, Johnston said: “The establishment of the Framework marks a significant step in the evolution of Lloyd’s presence in the DIFC. While several Lloyd’s participants have been licensed to conduct insurance activities in the DIFC for over a decade, Lloyd’s presence in Dubai adds depth to the DIFC insurance market. We welcome them and look forward to strengthening our relationship with the Society of Lloyd’s.” 
 
On behalf of Lloyd’s, Nelson said: “This Framework for co-operation recognises the responsibilities and common interests between Lloyd’s and the DFSA in ensuring the activities of Lloyd’s coverholders in the DIFC are appropriately conducted and supervised.”