REGULATION OF THE LLOYD'S INSURANCE MARKET

EDM number 403 in 1992-93, proposed by Peter Hain on 02/07/1992.

That this House, noting that the Walker Report into the Lloyd's Insurance market does not reveal the extent to which five members of the Lloyd's Council, who manage syndicates, used the LMX 'dustbin' syndicates for their own reinsurance to the tune of ú623.5 million, nor that Stephen Merrett has losses on his syndicate 418 of ú230.8 million, which he has unloaded onto the LMX 'dustbin' syndicates to the extent ú229.8 million, nor that Alan Jackson had a loss of ú93.5 million and claimed ú122.5 million from his reinsurers, nor that members of the Walker Inquiry itself - John Lock and Leslie Lucas - have themselves claimed millions of pounds on the LMX spiral, nor that members of the Committee of Lloyd's caused and actively encouraged the enormous growth in LMX business, calls for a full public and independent inquiry into Lloyd's, together with its proper regulation by statute.

This motion has been signed by a total of 22 MPs.