Lloyds Investors Lose Insurance Regulation Lawsuit |
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November 16 - Around eleven hundred investors in Lloyd's of London, one of the world's foremost specialist insurance markets, have lost their lawsuit against the British government. The investors, known as "Names" in the legal claim, sought over one billion pounds in damages from the UK treasury for the alleged failure to regulate the insurance market. The UK treasury was in control of monitoring the insurance industry before the Financial Services Authority assumed that role. The investors lost billions of pounds during a spate of natural disasters and claims over a period of time from the late 1990s until the early 2000s. These investors used their own money as capital for Lloyd's of London, who would then underwrite those policies. The class action lawsuit was quashed because of several reasons, most notably that it was too late to seek compensation for those incidents. Besides the problem of expiration the Names plaintiffs were also not entitled to seek damages in this manner under EU law. Earlier this month South African insurance heavyweights Old Mutual fared better in a court of law when they won their court case against the SA administration. You can read about that local case in an earlier news bulletin: right here Related Insurance Articles: * Lower Insurance Premiums Vs Your No-Claims Bonus * South African Car And Home Sales Start To Slow Down * Liberty Life To Buy Out STANLIB * Blue Financial Services Maiden Earnings Up 225% * Insurance Stats Prove Crime Rate In South Africa Is Rising * Old Mutual Wins Judgment In Life Insurance Court Case * UK Insurance News - Legal And General Sales Are Up * Financial Advice And A Little Insurance For Newlyweds 
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| 3/14/2010 7:06:39 AM | |||||||||||||||||||||
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