Regulation of the two main aspects of Lloyd's operations -- raising capital from investors, and writing insurance or reinsurance-- fall under the jurisdiction of separate state and federal securities or insurance laws and regulatory agencies.

• Investor recruitment falls within the purview of the US Securities and Exchange Commission ("SEC"), and the securities law and regulatory departments of the individual states.
• Regulation of Lloyd's insurance underwriting in the US is left up to the various states' overworked and underfunded insurance regulatory agencies. The US has no federal insurance department.

Lloyd's often took advantage of the lack of communication between the various state regulators. It is doubtful whether the investor fraud that Lloyd's is accused of would have been possible if one government agency had oversight of all of Lloyd's activities in the US.

U.S. Agencies - | - British Regulation

US Agencies


State Insurance Regulatory Departments:

• Chairmen Dialogue: A series of letters between Lloyd's Chairman Peter Levene and ANA Chairman Jack Shettle Sr. (February 19 to March 22, 2004)
• ANA Calls for Increase of Lloyd’s U.S. Reinsurance Trust Fund Collateral
• ANA Letter to the Editor of BestWeek, AM Best, July 10, 2003
  re David Pilla article, "Lloyd's Execs See Greater Opportunities. . ." July 8, 2003
  
• ANA letter to all state insurance commissioners, October 8, 2002
• "What Every Insurance Regulator Should Be Asking about Lloyd's Reorganization" ANA White Paper VIII, revised October 2002
  
• "Report on Examination of Lloyd's of London, As of December 31, 1993," New York Insurance Department, May 11, 1995.
  
• Letter from "Anonymous" at NYID to Thomas L. Seifert, P.C. Received on New York Dept. of insurance letterhead

  Congress
  

• "U.S. Investors in Lloyd's of London Deserve Their Day in U.S. Court," by Honorable Henry Hyde, Chairman House Judiciary Committee, U.S. House of Representatives. Congressional Record, August 1, 1997 (vol. 143, No. 112)
  
• Excerpts from the Securities Act of 1933
  
• Excerpts from the Securities Act of 1934
  

  United States Securities and Exhange Commission ("SEC")
  

• Amicus Curiae Brief, Richards v. Lloyd's, May 1996
  
• Amicus Curiae Brief, Richards v. Lloyd's, May 1997
  
  Expert Opinions on Lloyd's Procured by Securities Regulators
• Introduction to the Westin Report
• Westin Report
• Affidavit of Roger Walter Sleigh Bradley

  State Securities Regulatory Department Cease and Desist Orders:
  

• Arizona
  
• Arkansas
  
• Pennsylvania
  
• Utah
  
• Virginia
  
  National Association of Insurance Commissioners:

• "What Every Insurance Commissioner Should Know About Lloyd's of London, Part III", a white paper by the American Names Association
  
• "What Every Insurance Commissioner Should Know About Lloyd's of London, Part II", a media release by PolicyHolder Watch, Inc.
  
• Letter to State Insurance Commissioners, Attorneys General, et al, from Thomas L. Seifert, P.C., re: significance of the Court Orders in the Transit Casualty case.

  United Kingdom Agencies
  

• Due to lack of British regulation of Lloyd's, there's nothing for us to "link" you to.

• Department of Trade and Industry:
  Lloyd's claimed they were solvent annually. The DTI rubber-stamped Lloyd's claim annually.

• Parliament
  Lloyd's Act of 1871
  Lloyd's Act of 1911
  Lloyd's Act of 1982
  

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