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Insurance regulation in the United Kingdom eventually will be moved to an expanded Securities and Investments Board, part of the Treasury Department, from the Department of Trade and Industry, a DTI official confirmed last week. In response to a question last week in the House of Commons, President of the Board of Trade and Industry Margaret Beckett said that once legislation is in place, the so-called "super SIB" will take over insurance regulation in the United Kingdom. DTI staff now responsible for insurance supervision would move to the SIB as an interim measure. Moving insurance regulation to the SIB will mean it is conducted by "an arm's length body," said Ms. Beckett. A timetable for the change has not been set, a Treasury spokesman said. . . .The United Kingdom Mutual Steam Ship Assurance Assn. (Bermuda) Ltd., known as the UK P&I Club, and Finnish P&I club Assuranceforeningen Gard have agreed to reduce overspill liability limits for catastrophes to 2.5% of each vessel's property damage limitation fund. Several other P&I clubs recently have moved to the 2.5% limit, some in response to a European Commission statement last month that the existing limits are far too high (BI, July 21). . . .Ralph Jones III has resigned as president and chief executive of Chubb Insurance Co. of Europe S.A. to join Hiscox Insurance Co. Ltd. and Hiscox Underwriting Ltd. as managing director. Mr. Jones will head the former Economic Insurance Ltd. operations, taking over from Max Carruthers, who has moved to insurance consultant Eastgate Group Ltd. as chief executive of insurance services. Economic was purchased by Hiscox P.L.C. last year to extend its niche U.K. domestic operations. At the same time, Hiscox P.L.C. has moved from being listed on the Alternative Investment Market to full membership of the London Stock Exchange. . . .Price Waterhouse, administrator of the scheme of arrangement for Bryanston Insurance Co. Ltd., has announced that payments to Bryanston's creditors are to be increased to 20% of its debts. At the end of last year, Bryanston had 87 million pounds ($135.7 million) in assets, including 45 million pounds ($70.2 million) in reinsurance coverage, and agreed claims and gross reinsurance reserves of 223 million pounds ($347.9 million). The resulting net deficiency of 136 million pounds ($212.2 million) was 20 million pounds ($31.2 million) stronger than the previous year, mainly due to foreign exchange gains, investment income and a surplus on the insurance account. . . .The Lloyd's of London market will spend at least 40 million pounds ($67.2 million)-and possibly as much as double that-to become Year 2000 compliant by the end of 1998 to avoid any computer glitches at the turn of the century, said Michael Taylor, managing director of Lloyd's insurance services division. Lloyd's Policy Signing Office already has processed multi-year policies that end after the millennium and has had no problems, he added.