Written question asked by Mike Hancock (Liberal Democrat) on Wednesday, 7 July 2004, in the House of Commons. It was due for an answer on Tuesday, 13 July 2004. It was answered by Ruth Kelly (Labour) on Tuesday, 13 July 2004 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, if he will make it his policy to remove immunity from prosecution for negligence and misrepresentations from Lloyd's; and if he will make a statement.

Answer: Mr. Hancock: To ask the Chancellor of the Exchequer if he will make it his policy to remove immunity from prosecution for negligence and misrepresentations from Lloyd's; and if he will make a statement. [183288] Ruth Kelly: The Lloyd's Acts 1871 to 1982 provide the constitution of the Society of Lloyd's. Section 14 of the Lloyd's Act 1982 exempts the society from liability in damages to members of the Lloyd's community in certain circumstances. The immunity only applies to liability incurred in the exercise of or omission to exercise a statutory function or power ie those aspects of the society's functions that it is required to exercise to organise the Lloyd's market. The immunity does not extend to acts which are either done in bad faith or which do not involve the exercise of discretion. The Government have no plans to change this position.

Secondary information

Type: Written question
Reference: 183288; 423 c1014W
Session: 2003-04
Subjects: Liability Insurance companies Insurance Immunity from prosecution Misrepresentation Lloyds of London
Link: View this Written question on www.publications.parliament.uk

Treasury

Secondary information

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