§ Mr. Campbell-SavoursTo ask the President of the Board of Trade if he will list all regulatory and statutory changes which were designed to have, or had, the effect of benefiting persons who have been or remained members of syndicates of Lloyd's of London.
§ Mr. Neil HamiltonThe regulation of Lloyd's is based mainly on the Lloyd's Act 1982 and the Insurance Companies Act 1982. Under the latter, the Secretary of State monitors the adequacy of Lloyd's solvency to ensure that its assets are sufficient to pay policyholders' valid claims rather than being designed to benefit members of Lloyd's. Regulation under the Lloyd's Act is a matter for the council of Lloyd's. Substantial changes to the taxation of individual members of Lloyd's were made by the Finance Act 1993. Further changes are proposed in the current Finance Bill; these reflect the admission of corporate members and also align the taxation of470W individual members with the self-assessment procedures introduced for individuals generally. Taken as a whole, the measures have no significant cost to the Exchequer, and therefore convey no benefit to members of Lloyd's.