HM Treasury News Release  
    
121/98                                       27 July 1998
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           APPOINTMENTS TO THE POLICYHOLDERS PROTECTION
                            BOARD
                                   
HM Treasury has today made the following appointments to the
Policyholders Protection Board. 
    
    Members
    
    Mr John Robins - Group Chief Executive, Guardian Royal Exchange 
    (PPB Chairman) 
    Mr Peter Foster - Finance Director, Commercial Union plc
    Ms Frances Harrison - Senior Policy & Development Officer,
    National Consumer Council
    Ms Susan Ward - General Counsel, The Assn for Payment Clearing
    Services     
    
    Alternates
    
    Mr David Woods - Group Managing Director, Scottish Provident
    Mr Edward Christie - Managing Director, Legal & General Insurance
    Ms Diana Benjamin - Partner, Kingsley Napley
    Mr Chris Swinson - Senior Partner, BDO Stoy Hayward
    
    
    NOTES TO EDITORS
    
       1.The Board was established under the Policyholders Protection
Act 1975.The Act provides for the protection of certain UK
policyholders who may be affected by the inability of established 
insurance companies carrying on business in the United Kingdom, to meet 
their liabilities.  The function of the Board is to take measures 
provided in the Act for the protection of the policyholders.  Each Board 
member has an alternate who attends meetings in their absence. 
      
       2.If an insurance company goes into liquidation the Board is
required to arrange that insurance liabilities to policyholders are met 
in full where insurance is compulsory. For private non-compulsory 
general insurance and long term life assurance policies, the Board is 
required to secure the payment of 90 percent of outstanding claims and 
to arrange continuity of life insurance with benefits at 90 percent.  
Compensation is financed by statutory levies on the insurance industry 
as required.
        
        3. If you have access to the Internet, you can find this news
release and other Treasury material at http://www.hm-treasury.gov.uk.
# = pounds sterling