Modernisation plans by Lloyd's of London have received the green light despite a strong vote among names to oppose the reforms.

The proposals to overhaul the world's oldest insurance market were carried with 80 per cent support because of the votes cast by corporate members.

They provide about 80 per cent of funding and have added voting weight, although more members voted against the plans on a one member-one vote basis.

The reforms include a franchise board to improve underwriting and the adoption of an annual accounting system, rather than a three-year cycle.

Opponents fear the measures could reduce the influence of individual names in the market and told chairman Sax Riley of their concerns at an extraordinary meeting (EGM) on Thursday.

He told members the changes would create a modern, transparent, efficient and strongly- regulated market able to flourish.

After the vote, Mr Riley said Lloyd's had a decisive mandate to implement the proposals.

He said: "The first stage of our work has concluded. The second stage of implementation is now under way."

But the Association of Lloyd's Members (ALM) said, while it supported elements of the reforms, it was concerned about the threat to the Lloyd's Act. It fears the measures could eventually pave the way to changes in the Act and the lessening of voting and ownership rights.

The ALM said there now appeared little prospect of a new Lloyd's Act because such an overhaul required the approval of 75 per cent of voters on a one member-one vote basis.

Objection to a new Lloyd's Act was a key reason for the opposition to the Lloyd's EGM resolution.