§ Mr. BattleTo ask the Attorney-General what discussions he has had with Lloyd's about outstanding and impending compensation claims for asbestos pollution from companies; and what assessment he has made of the prospects for compensation claims for mesothelima.
§ Mr. Neil HamiltonI have been asked to reply.
Underwriters at Lloyd's are required to maintain assets estimated to be sufficient to meet all liabilities arising from valid claims that may arise from current and past policies. In accordance with the Insurance Companies Act 1982, the adequacy of these reserves is certified annually by auditors, in accordance with rules approved by the Secretary of State. This process was successfully completed last summer for the year ended December 1992. The basis of reserving is reviewed annually, and it has recently been approved for the accounts to be submitted later this year.