§ Mr. MorganTo ask the Secretary of State for Trade and Industry if he will list the vested and non-vested markets in the sale of the Insurance Services Group of the Export Credits Guarantee Department to NCM of Amsterdam.
§ Mr. Lilley[holding answer 5 December 1991]: The non-vested markets are:
- Angola Egypt
- Gambia
- Guyana
- Iran
- Iraq
261 - Jordan
- Kuwait
- Liberia
- Libya
- Nigeria
- Sierra Leone
- Somalia
- Soviet Union (all the republics which formed part of the USSR as at 1 January 1990) and the Baltic States
- Sri Lanka
- Sudan
- Tanzania
- Yugoslavia (deemed to comprise all of the Republics which formed part of Yugoslavia as at 30 June 1991)
- Zambia
The vested markets are all the remaining countries for which ECGD short-term cover was available immediately prior to the sale.
Non-vesting means that neither the risk nor the benefit of business underwritten under ECGD policies on the relevant country has been transferred to NCM credit insurance as part of the sale arrangements. The risk on future business insured under NCM credit insurance policies with those non-vested markets for which ECGD cover was available immediately prior to vesting will in certain cases be assumed by NCM under wholly private sector arrangements and in others under the national interest reinsurance facility provided to it by ECGD.