§ Lord Desaiasked Her Majesty's Government:
Whether for the purposes of Section 96(1) of the Insurance Companies Act 1982 they regard an individual Name at Lloyd's, who has resigned and one who has not resigned respectively, who is no longer underwriting but who has open years on syndicates on which he was underwriting in previous years as carrying on insurance business.
§ The Minister of State, Department of Trade and Industry (Lord Fraser of Carmyllie):Yes. Both members of Lloyd's and those who have resigned from the Society are technically carrying on insurance business under the Act until all the outstanding liabilities on policies underwritten by them while active underwriting members of the society have been extinguished. Ongoing members of Lloyd's are excluded from the regulatory provisions of Part II of the Insurance Companies Act 1982 provided that they comply with the requirements set out in Section 83 of that Act. This exclusion is not available to former members of the Society and it is intended that they will be regulated in the manner described in the Written Answer given by my honourable friend the then Parliamentary Under-Secretary of State for Competition and Consumer Affairs on 31 October 1995, Official Report, Commons, cols. 210–211.
§ Lord Desaiasked Her Majesty's Government:
Whether they will put in the Library of the House the correspondence with, and submissions to, Mr. Martin J. Brebner of the insurance division of the Department of Trade and Industry, from R. M. Fields & Company (UK) Ltd. on the regulatory requirements of the proposed Equitas solution to the problems of Lloyd's of London.
§ Lord Fraser of Carmyllie:No. The company mentioned is one of many organisations and individuals which have been in correspondence with my department about Lloyd's and the proposal to establish the Equitas company. There is no reason to select the contents of this correspondence for deposit in the Library of the House.