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Underwriters (Reinsurance)

Volume 33: debated on Wednesday 1 December 1982

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asked the Minister for Trade if he will set up an inquiry into the reinsurance practices used by underwriters.

I described in my reply on 8 November—[Vol. 31, c. 26]—to my hon. Friend the Member for Brentwood and Ongar (Mr. McCrindle) our plans to make regulations for the disclosure by insurance companies of their major reinsurers. So far as Lloyd's is concerned, I understand that managing agents have been notified by Lloyd's that disclosures will be required by them of any interests the agents may have with persons involved with their syndicates' reinsurances.