Brussels, 28/06/2005 (Agence Europe) - Marcin Libicki (UEN, Poland), the president of the parliamentary petitions committee has asked the European Commission if it is certain that the activities of the London Lloyd's insurance market over the 1978-2001 period totally complied with the demands of the first directive on non-life assurance. These questions were the subject of a 2003 report by British Conservative Roy Perry, who has already called on the Commission to provide him with formal answers. If no response if forthcoming, the EP will restart its investigation. British Liberal Diana Wallis supports this approach and asked why had not received a response to their questions in 2003. In a press release She declared that she suspected that the Commission knew that an answer would embarrass the British government.
The Perry report demonstrates that European legislation had not been correctly applied in an integral way. This deficiency had led to the urine of the “Lloyd's Names” due to losses on the insurance markets in the 1980s. These individuals had used their own assets as guarantees, with unlimited responsibility, with the potential recompense of a share in the profits from Lloyd's activities. They are calling for compensation. In October 2003, the Commission decided to conclude an infringement procedure regarding the Lloyd's monitoring system because it believed that British legislation contained sufficient guarantees in terms of monitoring and solvability of the insurance market (EUROPE 8564).