INSURANCE
New York Probes Lloyd’s Trust: The New York Insurance Department is investigating whether troubled Lloyd’s of London can meet its claims-paying responsibilities to U.S. insurers. A team from the department spent several weeks in London combing financial records at Lloyd’s American Trust Funds to determine whether they have enough money to pay potential claims. The trust is similar to a guarantee fund that backs U.S. insurers that use Lloyd’s as a safety net in case of excessive claims from commercial and property insurance policyholders.
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