INSURANCE

State Regulators Agree to Begin Talks With Lloyd’s: Two influential California bodies agreed to stop battling each other and outlined terms for a settlement with the British insurance market. The California Department of Corporations agreed with the state’s insurance commissioner to begin negotiating a settlement with Lloyd’s of London and to defer new lawsuits until June 15. Richard Wiebe, California’s deputy insurance commissioner, said an agreement could have national significance regarding how Lloyd’s deals with state regulators. So far, 11 state securities regulators have sued Lloyd’s, alleging it engaged in fraud by recruiting U.S. residents to put their money in the insurance market.