§ Sir Thomas ArnoldTo ask the President of the Board of Trade if he will list all the legislation governing the activities and regulation of Lloyd's of London.
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§ Mr. Jonathan EvansThe principal legislation governing the activities of Lloyd's of London is:
- (a) the Lloyd's Act 1982 (together with those provisions of the Lloyd's Acts 1871, 1911 and 1951 which remain in force) and bye-laws made thereunder;
- (b) certain provisions of the Insurance Companies Act 1982 (as amended), in particular Part IV (special classes of insurers);
- (c) the Insurance (Lloyd's) Regulations 1983 (as amended), and some provisions of the Insurance Companies Regulations 1994, the Insurance Companies (Third Insurance Directives) Regulations 1994 and the Insurance Companies (Amendment) Regulations 1994;
- (d) Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993.
That legislation gives effect to EC directives on the consolidation of laws, regulations and administrative provisions relating to direct insurance other than life assurance—directive 73/239/EEC, 88/357/EEC and 92/49/EEC—and the corresponding directives relating to direct life assurance—directives 79/267/EEC, 90/619/EEC and 92/96); and the EC directive on the annual accounts and consolidated accounts of insurance undertakings 91/674/EEC.
Other, more general, legislation also affects those operating in the Lloyd's market in a manner comparable to the way in which it affects other individuals or undertakings, including legislation governing the terms and conditions of contracts of insurance—for example the Marine Insurance Act 1906.