That this House calls on the Secretary of State for Trade and Industry to set up an inquiry into detailed complaints by Tory honourable Members against Lloyd's and to see if there is a need to change the current legislation so as to provide protection for and fairness between the Names.

That this House calls on the Secretary of State for Trade and Industry to set up an inquiry into detailed complaints by Tory honourable Members against Lloyd's and to see if there is a need to change the current legislation so as to provide protection for and fairness between the...

That this House is concerned at the reasons behind the recruitment of small investors in the 1980s with only a bank guarantee of ??100,000 on their house; wonders why Lloyd's allowed small investors to be dragged into membership on the basis of receiving a 'protected' 10 per cent. return on ??250,000 underwriting in year three with the recruiting agent arranging a mortgage to cover the Lloyd's ??3,000 joining fee and the first three years of stop loss premium; wonders why Lloyd's encouraged financial 'advisers' to earn ??1,000 for each member they introduced plus 10 per cent. of the member's agent's subsequent salary and profits; and is concerned that this might be because Lloyd's had a warning from the unpublished Yale University report at the beginning of that period that huge claims were coming from the United States of America for the predicted 265,000 American asbestos deaths over a period of 25 years and because Lloyd's wanted to find a pool of new people to absorb the claims on Lloyd's past insurance business for which others had taken premiums in the 1950s and 1960s.

That this House is concerned at the reasons behind the recruitment of small investors in the 1980s with only a bank guarantee of ??100,000 on their house; wonders why Lloyd's allowed small investors to be dragged into membership on the basis of receiving a 'protected' 10 per cent. return on...

That this House regrets that Lloyd's Council allows agents, acting for all members, to reserve preferential access for themselves on certain safe syndicates and that the practice of keeping highly profitable baby syndicates only for insiders has continued under another guise and that certain syndicates have over 50 per cent. capacity from insiders whereas the average is 12 per cent; notes that allegations have been put to the Chairman of Lloyd's that amongst the insider syndiates are 45 Bankside, 138 Bailey, 179 Anton, 183 Ashley, 372 Claremont, 431 Wren, 960 Sturge, 990 Morgan, 994 Kellett and 1028 Wellington; notes that it is alleged that market professionals took 100 per cent. of any available underwriting in 1989 and 1990 on some of these, irrespective of promises of waiting lists; notes that questions as to why the disastrously bad syndicates are composed almost entirely of external or retired members have not been answered by the Chairman of Lloyd's to the satisfaction of Tory honourable Members; notes claims that no director of any managing agent, other than the victim syndicate agency, is on any of the dustbin syndicates; and believes that Lloyd's are obscuring the favourable results of the current insiders by classifying some people who have made losses as working members even though they retired some time ago.

That this House regrets that Lloyd's Council allows agents, acting for all members, to reserve preferential access for themselves on certain safe syndicates and that the practice of keeping highly profitable baby syndicates only for insiders has continued under another guise and that certain syndicates have over 50 per cent....

That this House notes with alarm that Mr David Coleridge, the Chairman of Lloyd's, who reputedly earns ??800,000 plus profits, was accused at a meeting with Tory honourable Members of not being on the side of the primacy of the interests of the Names at Lloyd's; notes that Tory honourable Members are meeting the Minister of State at the Department of Trade and Industry to present an indictment of Lloyd's which concludes with the rhetorical question 'Is there not a structural rottenness over the conflicts of interests of the regulators within Lloyd's which can only be met by outside regulation under the Financial Services Act?'; notes allegations that 153 underwriters each took over ??100,000 in fixed salary from their syndicates and that Brian Smith of syndicate 45 had a personal underwriting result of ??213,422 for 1988 when the average external member had a substantial loss and 6,000 mostly external members have had calls from Lloyd's of over ??90,000; notes allegations that 'Time Bomb Terry' Green of 321 who paid himself ??353,220 in 1990 is having to call in ??26 million in advance against 1989 and 1990 years after stating in his last report and accounts that these years would be free of loss; and wonders if Lloyd's should arrange a pooling of the LMX losses dumped on external members.

That this House notes with alarm that Mr David Coleridge, the Chairman of Lloyd's, who reputedly earns ??800,000 plus profits, was accused at a meeting with Tory honourable Members of not being on the side of the primacy of the interests of the Names at Lloyd's; notes that Tory honourable...