Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993
| Jurisdiction | UK Non-devolved |
| Citation | SI 1993/3245 |
| Year | 1993 |
1993No. 3245
INSURANCE
The Insurance Accounts Directive (Miscellaneous Insurance
Undertakings) Regulations 1993
18thDecember1993
19thDecember1993
ARRANGEMENT OF REGULATIONS
1. Citation, commencement and extent
2. Interpretation
3. Preparation of accounts by qualifying bodies
4. Preparation of accounts by Council of Lloyd's
5. Publication of accounts
6. Penalties for non-compliance
7. Industrial and provident societies
8. Transitional provisions
SCHEDULE
Modifications of Certain Enactments in their Application to Industrial and Provident Societies
The Secretary of State, being a Minister designated( a) for the purposes of section 2(2) of the European Communities Act 1972( b) in relation to measures relating to the drawing-up, auditing and publication of accounts by insurance undertakings, in exercise of the powers conferred by that section and of all other powers enabling him in that behalf, hereby makes the following Regulations of which a draft has been laid before Parliament in accordance with paragraph 2(2) of Schedule 2 to that Act and approved by a resolution of each House of Parliament:
(a) S.I. 1992/2870.
(b) 1972 c.68.
Citation, commencement and extent
1.-(1) These Regulations may be cited as the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993.
(2) These Regulations shall come into force on the day after the day on which they are made.
(3) These Regulations do not extend to Northern Ireland.
Interpretation
2.-(1) In these Regulations-
"the 1985 Act" means the Companies Act 1985( a);
"director" includes, in the case of a body which is not a company, any corresponding officer of that body;
"enactment" includes any subordinate legislation within the meaning of section 21(1) of the Interpretation Act 1978( b), other than these Regulations;
"industrial and provident society" means a registered society within the meaning given by section 74 of the Industrial and Provident Societies Act 1965( c);
"qualifying body" shall be construed in accordance with paragraphs (2) and (3) below;
and other expressions shall have the meanings ascribed to them by the 1985 Act.
(2) Subject to paragraph (3) below, a body incorporated in or formed under the law of any part of Great Britain is a qualifying body for the purposes of these Regulations if it-
(a) is incorporated by or registered under any public general Act of Parliament,(b) is required to be authorised under section 2 of the Insurance Companies Act 1982( d), and(c) is not required by any enactment to prepare accounts under Part VII of the 1985 Act (accounts and audit).(3) A body is not a qualifying body for the purposes of these Regulations if it-
(a) is excluded from the scope of Council Directive 73/239/EEC( e) by Article 3 of that Directive, or(b) is referred to in Article 2(2) or (3) or 3 of Council Directive 79/267/EEC( f).(4) Any reference in these Regulations to the accounts required by or prepared under regulation 3 below are references to the annual accounts, the annual report and the auditors' report required by or prepared under paragraph (1) of that regulation.
Preparation of accounts by qualifying bodies
3.-(1) The directors of a qualifying body shall in respect of each financial year of the body-
(a) prepare the like annual accounts and annual report, and(b) cause to be prepared such an auditors' report,as would be required under the provisions mentioned in paragraph (3) below if the body were an insurance company formed and registered under the 1985 Act.
(2) The accounts required by this regulation-
(a) shall be prepared within the period of 7 months beginning immediately after the end of the body's financial year,(b) shall state that they are prepared under this regulation, and(c) shall comply with such of the requirements of the provisions mentioned in paragraph (3) below as relate to the contents of accounts or reports subject,(a) 1985 c.6; the 1985 Act, and in particular Part VII of that Act dealing with accounts and audit, has been substantially amended by the Companies Act 1989 (c.40) and by the Companies Act 1985 (Insurance Companies Accounts) Regulations 1993 (S.I. 1993/).
(b) 1978 c.30.
(c) 1965 c.12.
(d) 1982 c.50.
(e) Official Journal No. L228 of 16.8.1973, page 3.
(f) Official Journal No. L63 of 13.3.1979, page 1.
where the qualifying body is unincorporated, to any necessary modifications to take account of that fact.
(3) The provisions referred to in paragraphs (1) and (2) above are the following provisions of Part VII of the 1985 Act, namely-
(a) sections 226 to 237( a) (annual accounts and reports),(b) section 242B( b) (delivery and publication of accounts in ECUs),(c) sections 255 and 255A( c) (banking and insurance companies and groups),(d) Schedule 4A( d) (form and content of group accounts), as modified by Part II of Schedule 9A( e) other than paragraphs 13(3) to (5), 14 and 15,(e) Schedule 5( f) (disclosure of information: related undertakings) other than paragraphs 4, 5, 10, 12, 18, 19 and 29,(f) Schedule 6( g) (disclosure of information: emoluments and other benefits of directors and others) other than paragraphs 2 to 6, 8 and 9,(g) paragraph 6 of Schedule 7( h) (matters to be included in directors' report), and(h) Schedule 9A other than paragraphs 10, 56, 61, 63, 64, 65, 70(3)(b), 72(2), 73 and 74, and, in paragraph 2(2), the words from "but the following" to the end.(4) For the purposes of those provisions as applied to accounts prepared under this regulation, these Regulations shall be regarded as part of the requirements of the 1985 Act.
(5) Part II of the Companies Act 1989 (eligibility for appointment as auditors) shall apply to auditors appointed for the purposes of this regulation subject, where the body concerned is unincorporated, to any necessary modifications to take account of that fact.
(6) In this regulation "financial year", in relation to a qualifying body, means-
(a) any period in respect of which a profit and loss account, or in the case of an industrial and provident society, an annual return, of the body is required to be made up by or in accordance with its constitution or by any enactment (whether that period is a year or not); or(b) failing any such requirement, each period of 12 months beginning with 1st April.Preparation of accounts by Council of Lloyd's
4.-(1) The members of the Council of Lloyd's shall prepare an...
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