§ Sir HAROLD ELVERSTONasked whether any life assurance business is now transacted by Lloyd's underwriters; and, if so, whether the deposits of £2,000 required by the Assurance Companies Act of 1909 have been made, and statements showing the character and extent of the business transacted have been deposited with the Board of Trade?
Mr. BUXTONNo deposits have been made and no accounts have been furnished by any Lloyd's underwriters in respect of life assurance business. So far as I am aware, no life assurance business in the ordinary sense is now transacted by Lloyd's underwriters, and, although policies insuring against losses which might arise indirectly owing to death may possibly have been underwritten from time to time, I have no information as to the terms of any such policies. If my hon. Friend is able to furnish me with any such policy, I shall be glad to give the matter my careful consideration.
§ Sir H. ELVERSTONasked the amount of the deposits, if any, furnished in accordance with Schedule 8 (B) and (C) 2 (3), of the Assurance Companies Act, 1909, by Lloyd's underwriters as security for the due fulfilment of their fire and accident insurance contracts; also the amount of the security furnished in the form of guarantees; and whether any of the guarantees which may be furnished as an alternative to a deposit are given by persons who are not members of Lloyd's Underwriters' Association; and, if so, to what extent?
Mr. BUXTONThe amount of the deposits furnished in accordance with Schedule 8 (B) and (C) 2 (b) of the Assurance Companies Act, 1909, by Lloyd's underwriters as security under claims in connection with fire and accident and other non-marine business is £228,250; the amount of the security furnished in accordance with the provisions referred to in the form of guarantees is £2,841,428, and of this amount guarantees to the extent of £353,918 have been furnished by guarantors who are not members of Lloyd's.