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Treasury

Answer

Mr. Worthington: To ask the Chancellor of the Exchequer (1) what role his Department played in the restructuring of the Iron Trades Employers Association and the transfer of asbestos-related risks to Chester Street Insurance Holdings in 1989; [148914] (2) if he will name the regulatory bodies that have been responsible for monitoring the affairs of the Iron Trades Employers Insurance Association Limited and Chester Street Insurance Holdings Limited since 1989; and what (a) actions they have taken and (b) reports they have made to him in that time. [149363] Miss Melanie Johnson: [holding answer 8 February 2001]: The prudential supervision of insurance companies was the responsibility of the Department of Trade and Industry until 4 January 1998. On 5 January 1998, these functions transferred to the Treasury. On 1 January 1999, the Financial Services Authority became the prudential supervisor under a contracting-out order. HM Treasury had no responsibility for the re-organisation of the Iron Trades Insurance Group in 1989 and, as far as I am aware, did not play any part in this.

Secondary information

Type

Written question

Reference

363 c181-2W; 148914;149363

Session

2000-01

Subjects

Asbestos Department of Trade and Industry Insurance companies Financial Services Authority Industrial diseases Regulation Chester Street Insurance Holdings Iron Trades Insurance Group

Contains statistics

Yes

Link

View this Written question on www.publications.parliament.uk