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The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008

Consolidated Text As Enacted Cited authorities 78 Cited in Amendments 47 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2008/565
Year2008
(1) These Regulations may be cited as the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008.insurance undertakings' financial years beginning on or after that date, andauditors appointed in respect of those financial years.(1) In these Regulations—
  • “the Companies Accounts Regulations” means the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 ;
  • “the appropriate audit authority” means—
    • (a) the Secretary of State, or
    • (b) if the Secretary of State has delegated functions under section 1252 of the Companies Act 2006 to a body whose functions include receiving the equivalent notice under section 522 or 523 of that Act, that body;
  • F17“the Authority” means—
    • (a) in relation to an undertaking which is a PRA-authorised person (within the meaning of the Financial Services and Markets Act 2000) , the Prudential Regulation Authority;
    • (b) in any other case, the Financial Conduct Authority;
  • “director” includes, in the case of an undertaking which is not a company, any corresponding officer of that body;
  • “enactment” includes—
    • (a) an enactment contained in subordinate legislation, other than these Regulations,
    • (b) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament,
    • (c) an enactment contained in, or in an instrument made under, Northern Ireland legislation, and
    • (d) an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales;
  • “friendly society” has the same meaning as in the Financial Services and Markets Act 2000 ;
    • ...
  • “insurance undertaking” shall be construed in accordance with paragraphs (2) and (3) .
  • F24“registered society” means—
    • (a) a registered society within the meaning given by section 1(1) of the Co-operative and Community Benefit Societies Act 2014; or
    • (b) F62a registered society within the meaning given by section 1A(1) of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969.
is incorporated by or registered under any public general Act of Parliament,requires permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance without contravening the prohibition imposed by section 19 of that Act, andis not required by any enactment to prepare accounts under Part 15 of the Companies Act 2006 (accounts and reports) .section 22 of the Financial Services and Markets Act 2000,the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Schedule 2 to that Act.F67would be excluded from the scope of F33Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) by Article F404, 7, 9(1) , 9(2) or 10(1) of that Directive, F68were the United Kingdom a member State or ,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .is a friendly society.(5) Any reference in these Regulations to the accounts required by or prepared under regulation 3 are references to the annual accounts, F41the strategic report, the directors' report and the auditor's report required by or prepared under paragraph (1) of that regulation.any period in respect of which a profit and loss account, or in the case of F25a registered society, an annual return, of that undertaking 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) , orfailing any such requirement, each period of 12 months beginning with 1st April.(7) Except as otherwise provided in these Regulations, words and expressions used in the Companies Act 2006 have the same meaning in these Regulations as they have in that Act.prepare the like annual accounts F42, strategic report and directors' report, andcause to be prepared such an auditor's report,be prepared within the period of 6 months beginning immediately after the end of the undertaking's financial year,state that they are prepared under this regulation, andcomply with such of the requirements of the provisions mentioned in paragraph (3) as relate to the contents of accounts or reports subject, where the insurance undertaking is unincorporated, to any necessary modifications to take account of that fact.Chapters 4, 4A (apart from sections

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