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SIR DAVID WALKER TO OVERSEE REGULATORY WORK AT LLOYD'S OF LONDON

 SIR DAVID WALKER TO OVERSEE REGULATORY WORK AT LLOYD'S OF LONDON
 LONDON, Feb. 21 /PRNewswire/ -- Sir David Walker, chairman of the securities and investments board and a nominated member of the council of Lloyd's of London has accepted the council's invitation to oversee two areas of regulatory work presently being undertaken, the company announced today.
 The first area concerns the substantial losses recorded by a small number of specialist London market excess-of-loss (LMX) syndicates in the 1988 and 1989 underwriting years of account where it has been alleged that external members have suffered disproportionately to working members. The second and related area of scrutiny is that which deals with the operation of the so-called "LMX spiral" where it has been suggested that reinsurance business was written with the primary purpose of ensuring that brokers and underwriters benefited unfairly from commissions and fees at the expense of members of the syndicates.
 Sir David will oversee the regulatory work associated with these matters and will draw upon any internal and external resources he may require. He will report to the council, the expectation is that the results of his review will be published.
 Sir David has been a nominated member of the council of Lloyd's since taking up his appointment as chairman of the SIB. Sir David was appointed a director of the Bank of England in 1982 and has been a non-executive director of the Bank since 1988.
 David Coleridge, chairman of Lloyd's, said today: "I am delighted that Sir David has agreed to take on this additional responsibility. His regulatory experience in the wider financial services sector will be of particular benefit to our work in these particular areas."
 NOTE: The issues to be reviewed are among those being studied by six independent review committees to ascertain the factors which contributed to losses experienced by those syndicates where the loss exceeded 100 percent of stamp capacity in a given year. The committees were established by the council last year and the reviews are mandatory under the Loss Review Byelaw.
 The role of the review committees is to ascertain the facts and report on them to the council. In addition the reports will be distributed to all members of the syndicates concerned.
 The reports of the committees are expected to be completed by spring this year. Any breach of Lloyd's regulations which is identified by the committees will be subject to the Lloyd's independent disciplinary procedures.
 -0- 2/21/92
 /CONTACT: Peter Hill, in London: 44-71-327-5110, or Martin Leach, in London: 44-71-327-6434, or Jane Vidler, in London: 44-71-327-6256, all of Lloyd's of London/ CO: Lloyd's of London ST: IN: INS SU: PER


TS -- NY006 -- 1281 02/21/92 09:09 EST
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Publication:PR Newswire
Date:Feb 21, 1992
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