§ Lord Desaiasked Her Majesty's Government:
What powers they have, under the Insurance Companies Act 1982, or other legislation, to enable the Secretary of State to require assets of Names at Lloyd's, or Names whose Lloyd's liabilities have been reinsured into Equitas, to be placed in a trust if either Lloyd's or Equitas were unable to meet claims of policyholders when such claims have been upheld in the courts of the United States. [HL1268]
§ Lord McIntosh of HaringeyThe Insurance Companies Act 1982 was repealed in 2001 and insurance undertakings are now regulated under the Financial Services and Markets Act 2000. The Act placed responsibility for the regulation of insurance undertakings with the Financial Services Authority. Such powers as there are to take action in relation to the assets of Names and former Names are therefore with the FSA, the independent regulator, under Part XIX of the Act and not with the Government.