HL Deb 07 November 1995 vol 566 c194WA
Lord Desai

asked Her Majesty's Government:

Whether the 15,000 Names in Lloyd's of London who are no longer underwriting but who have open syndicates, have paid into their Deposits at Lloyd's the additional sums which were required by Lloyd's to be paid by the end of August 1995 to cover uncalled losses and thus meet those individual Names' solvency requirement, and what action they will take if they find there is a shortfall in the value of the total assets which was required to be on deposit at Lloyd's for Lloyds' to pass its 1995 solvency test.

Lord Chesham

Lloyd's statutory solvency provisions do not require and do not need to require Names to pay sums by the end of August in any year in respect of losses which remain uncalled. The certificates furnished to the Secretary of State in accordance with Section 8.3 of the Insurance Companies Act 1982, at the end of August 1995, confirmed that the value of the assets available to meet each underwriter's liabilities (including all underwriters who are no longer actively underwriting) was sufficient to meet those liabilities, including all uncalled liabilities. The statement deposited in accordance with Section 86 of the Act demonstrated that the solvency requirements established in accordance with Section 84 of the Act were met.

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