Earl Alexander of Tunisasked Her Majesty's Government:
What role the Department of Trade and Industry plays in supervising the regulatory standards of Lloyd's of London.
§ The Minister of State, Scottish Office (Lord Fraser of Carmyllie)The principal role of Secretary of State in regulating the activities of Lloyd's of London is defined in the Insurance Companies Act 1982, (particularly sections 83 to 86 of the Act), and in the Regulations made under the Act (particularly the Insurance (Lloyd's) Regulations 1983). In addition the Department of Trade and Industry has a responsibility for the implementation by Lloyd's of relevant European Community directives.