The Lloyd's Names Association (LNA) has written to the FSA and the chairman of Lloyd's, Sax Riley, to complain about a lack of disclosure from the insurance market.
LNA chairman Christopher Stockwell said: "Names have not been told the full facts available to some corporate participants in the market and to Lloyd's.
"This is a breach of the Council's duties to Names. Names must be given all the facts and then a reasonable period of time to analyse the implications.
"Forcing people to pay cash today without revealing all the facts is misrepresentation and breach of duty. We hope the FSA, which takes responsibility for Lloyd's today, will take a hard line on this and require Lloyd's to reveal the information in its possession."
In the letter, the LNA said Lloyd's was soliciting capital without making full disclosure of its liabilities from the World Trade Centre affair, or of the withdrawal or diversion of corporate support (XL, Allegheny, Wellington, Goshawk).
It said Lloyd's had revised its loss estimates substantially, after soliciting cash from Names, but had not extended the deadline for Names to pay.
It added that Lloyd's was granting unfair preferential terms, by way of extending time periods for payment, to certain capital providers like BRIT.
And it said Lloyd's had not disclosed the pressures on the Central Fund, which were material to every Name's decision about whether or not to carry on underwriting in 2002.
