The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008
| Jurisdiction | UK Non-devolved |
| Citation | SI 2008/1950 |
(1) These Regulations may be cited as the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008.(2) These Regulations come into force on 15th August 2008 and apply in relation to financial years beginning on or after 1st January 2009.(1) In these Regulations—Sections 1127 and 1128 of the 2006 Act (summary proceedings: venue and time limit for proceedings) apply to an offence under these Regulations as they apply to an offence under the Companies Acts (as defined by section 2(1) of the 2006 Act) . each syndicate that they manage on 31st December; andany syndicate that they were the last managing agent to manage during the preceding year and which has no managing agent on 31st December.prepare annual accounts;prepare an annual report; andcause to be prepared an auditor's report.be prepared within a period of 3 months beginning immediately after the end of the syndicate's financial year;state that they are prepared under this regulation; andcomply with the requirements in Schedule 1 to these Regulations.(4) The accounts required by paragraph (2) (a) must also contain the information on auditor remuneration required by Schedule 2 to these Regulations.(5) Schedules 1 and 2 to these Regulations have effect.no underwriting year of that syndicate has been closed in the preceding financial year or is being closed at the end of that financial year; orthe members of the syndicate for each underwriting year included in the underwriting year accounts, agree unanimously, in writing, that no underwriting year accounts shall be prepared in respect of that syndicate.is prepared on an underwriting year basis; andgives a true and fair view of the result of that underwriting year at closure.be prepared within a period of 3 months beginning immediately after the end of the syndicate's financial year; andstate that they are prepared under this regulation.(4) Managing agents must cause to be prepared an auditor's report on the underwriting year accounts required by this regulation stating whether a true and fair view is given of the result of the underwriting year at closure.(5) Part 42 of the 2006 Act (statutory auditors) applies to an auditor appointed for the purposes of this regulation subject to any necessary modifications to take account of the fact that the syndicate is unincorporated, as it applies to the person appointed for the purposes of regulation 5 or the person appointed to report on the aggregate accounts under section 1210 of the 2006 Act (meaning of “statutory auditor”) (1) A syndicate's annual accounts must be approved and signed by the syndicate's managing agent and, where the
- “the 2006 Act” means the Companies Act 2006 ;
- “the 2008 Regulations” means the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 ;
- “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 (delegation of the Secretary of State's functions) to a body whose functions include receiving notice that an auditor of a syndicate or of the aggregate accounts has ceased to hold office, that body;
- “the Authority” means the F12Prudential Regulation Authority;
- “the Council of Lloyd's” means the Council constituted by section 3 of Lloyd's Act 1982 (the Council) ;
- “financial year” means the period of 12 months beginning on 1st January;
- “Lloyd's byelaws” means the byelaws made under Lloyd's Acts 1871 to 1982 ;
- “managing agent” means a person who is permitted by the Council of Lloyd's, in the conduct of his business as an underwriting agent, to perform, for a member of Lloyd's, one or more of the following functions—
- (a) underwriting contracts of insurance at Lloyd's;
- (b) reinsuring such contracts in whole or in part;
- (c) paying claims on such contracts;
- “syndicate” means one or more persons, to whom a syndicate number has been assigned by or under the authority of the Council of Lloyd's, carrying out or effecting contracts of insurance written at Lloyd's;
- “syndicate's annual accounts” means the accounts prepared in accordance with regulation 5(2) (a) of these Regulations.
To continue reading
Request your trial