Lloyd's Names face a crunch decision tomorrow over their bid to sue the UK government.
They complain the government ignored a 1973 EU directive requiring European-based insurance operations to have adequate reserves.
A European Parliament committee is expected to decide whether or not they have a case after discussing a report by MEP Roy Perry.
Perry said: "The 1973 EU Insurance Directive was only transposed into British law in 1982, four years after the final deadline for doing so. Questions remain about whether it was applied properly.
"Many 'Names' at Lloyd's have suffered very serious financial damage and claim failure to observe EU regulations contributed to their losses."
