A private U.S. consumer group charged Lloyd’s...
A private U.S. consumer group charged Lloyd’s of London with price fixing and manipulation of the U.S. insurance industry and recommended legislative remedies. In a 154-page report, the Center for Study of Responsive Law said Lloyd’s is practically free of regulation and allowed to fix insurance industry prices. Consumer activist Ralph Nader told reporters at a briefing on the report that the insurance giant controls rates or coverage terms of the primary U.S. insurance companies through favored regulatory and tax status in Britain and the United States. A Washington spokesman for Lloyd’s had no immediate comment on the report.
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