Lloyd's fines Amlin £630,000 for trust deed breaches

Lloyd's has handed managing agency Amlin Underwriting
Limited a £630,000 ($790,291) fine for breaches of the
market's Premiums Trust Deed (PTD), the Corporation announced
today.
The PTD is designed to ensure that assets are held in trust for
Lloyd's members and cannot be used to pay for liabilities owed
by non-Lloyd's entities.
But Lloyd's found that Amlin had paid premium for
reinsurance contracts protecting its group portfolio from a premium
trust fund that should have been used only for