ENQUIRY INTO LLOYD'S;Amdt. line 4:

EDM number 662A1 in 1991-92, proposed by Bob Cryer on 13/02/1992.

at end add 'calls on the inquiry to examine why Lloyd's failed to learn from the scandals of the late 1970s and early 1980s when fraud became custom and practice; calls on the inquiry to ask Lloyd's to explain why they refused to regulate the LMX spiral when they where apparently asked to do so earlier in the 1980s by underwriters; wonders if the LMX reinsurance spiral was used as a device to ensure that any potential losses on the insiders' syndicates were borne by the ordinary members on the victim LMX syndicates for ridiculously small premiums; calls on the inquiry to ask Lloyd's to explain why they allowed such a large part of the LMX reinsurance market to be siphoned of by one broker, Bill Brown, controlling the LMX market and paying himself ú8.2 million salary and over ú9 million in dividends; and calls on the inquiry to see if this was done because Bill Brown could find ways of suborning certain of the target underwriters into accepting the reinsurance of others for little premium.'.

This is a ammendment to 662.

This motion has been signed by a total of 4 MPs.