§ Mr. WorthingtonTo ask the Chancellor of the Exchequer (1) what action was taken to enforce the provisions of the Insurance Companies Act 1982 concerning margins of solvency following the restructuring of lion Trades Holdings Ltd. and the liquidation of Chester Street Holdings; [154169]
(2) for what reason the Government's powers of intervention under the Insurance Companies Act 1982 were not used in the case of the restructuring of Iron Trades Holdings prior to the liquidation of Chester Street Holdings. [154170]
§ Miss Melanie JohnsonSince 1 January 1999, the Financial Services Authority has been the prudential supervisor of insurance companies, operating under contract to the Treasury. In carrying out functions under the Insurance Companies Act 1982 the FSA keeps under review the appropriate use of the intervention powers available to it under that Act.
§ Mr. WorthingtonTo ask the Chancellor of the Exchequer if he will take steps to ensure that sufferers from an asbestos-related disease working in a publicly owned industry at the time of their contact with asbestos do not lose their rights to compensation following the liquidation of Chester Street Holdings. [154080]
§ Miss Melanie JohnsonAs I said in Westminster Hall on 6 March 2001,Official Report, columns 46–49WH, the insolvency of Chester Street Holdings Limited does
173Wnot affect the liability of an employer to its employees or former employees. That is the case for all employers, whether they are in the private or public sector.
§ Mr. WorthingtonTo ask the Chancellor of the Exchequer what contact he had with the Financial Services Authority about the conduct of Chester Street Holdings in the period before liquidation; and what action is being taken as a result. [154167]
§ Miss Melanie JohnsonThe financial Services Authority is in regular contact with Treasury officials about a wide range of insurance supervisory matters.
§ Mr. WorthingtonTo ask the Chancellor of the Exchequer what steps he is taking to investigate the reasons underlying the decision by the Financial Services Authority to approve the restructuring of Iron Trades Holdings shortly before the collapse of Chester Street Holdings. [154168]
§ Miss Melanie JohnsonAs I said in Westminster Hall on 6 March 2001,Official Report, columns 46–49WH, the provisional liquidators are required to review the affairs of Chester Street Holdings and the actions of the directors and other parties. The provisional liquidators will report on their findings.
§ Mr. WorthingtonTo ask the Chancellor of the Exchequer what recent contact he has had with the Association of British Insurers about Chester Street Holdings and compensation for asbestos sufferers. [154166]
§ Miss Melanie JohnsonTreasury officials are in regular contact with the Association of British Insurers.