FACSIMILE TRANSMISSTION FROM:
LLOYD'S NAMES ASSOCIATION
(Company limited by guarantee)
STABLE COURT, KINGHAM, OXON OX7 6YL
TEL: 01608 658226 FAX: 01608 658116
(International callers dial 44 1608 then the tel or fax number)
Dear Mr Presser
JOINT AMERICAN TRUST FUND
I note I still have no reply my various letters to you and Superintendent Levin.
It is a matter of extreme concern to both ceased and continuing Names that Bermudan and Integrated Lloyd's Vehicles. currently taking over the Lloyd's business, have made it clear that they would abolish the Joint American Trust Fund as soon as they were able (2002 being mentioned in a recent presentation).
The Joint American Trust Fund is a vital piece of policyholder protection as well as of Names' protection. The threats currently being posed to it by ILVs and by the way in which Lloyd's is allowing ILVs to conduct their business in the market, are very real. We strongly believe that urgent action is needed to contain the advance of the ILVs in the interests of protecting policyholders and preserving a diverse capital market. It is our view that you have the power to require Lloyd's to make changes as a condition of allowing them to continue trading as the Society of Lloyd's. What steps are you going to take?
If we can be of any further help with additional information, please do ask.
Ref letters: 29 May (to Superintendent Levin)
5 January (to Superintendent Levin)
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