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Image header Agence Europe
Europe Daily Bulletin No. 8119
Contents Publication in full By article 22 / 32
GENERAL NEWS / (eu) eu/competition

Commission asks for information on Lloyd's

Brussels, 27/12/2001 (Agence Europe) - The European Commission has decided to request the British authorities to provide it with additional information concerning the regulation and supervision of the Lloyd's insurance market. This request comes within the framework of its examination into the operation of Lloyd's mechanisms, so as to check the state of solvency of all its activities under the demands of Directive 73/239/EEC (amended by Directive 92/49). The Commission has particular concerns about whether Lloyd's respects the Directive's principles regarding non life insurance. The regulatory and supervisory framework of Lloyd's is extremely complex and has been in a state of flux, says the Commission, which has therefore decided to send the British authorities a letter asking them to answer the questions it has set, to be able to allow the compatibility of current arrangements with the Directives requirements to be confirmed. Depending on the information it receives, the Commission will decide whether there is an infringement with Community legislation.

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