Lloyd’s criticised on directives, but no action on asbestos handling

A report published by the European Parliament criticises Lloyd’s for failure to regulate in accordance with EU insurance directives. “The question must arise whether [names] are entitled to compensation for loss suffered as a result of that late transcription and nonapplication”. Specifically, the report charges that Lloyd’s was nine years late in taking up the 1973 European insurance directive and after that still failed to fully or properly apply it. The report also claims that Lloyd’s failed to have a rigorous auditing system in place.