BRUSSELS, Dec 20: The European Commission said on Thursday it was asking Britain to furnish information on the regulation and supervision of the Lloyd’s insurance market, first stage of an inquiry into the solvency and auditing arrangements of the Lloyd’s market.

The Financial Times of London earlier reported the commission was concerned that British regulators do not monitor as often as required under EU law whether Lloyd’s holds sufficient reserves to cover policy claims.

The Lloyd’s market, partly underwritten by wealthy private investors known as The Names, was shaken to the core in the early 1990s when a stream of asbestos-related claims brought the insurance market to the brink of collapse and caused many prominent Names to go bankrupt.—AFP