The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008

Information about emoluments of managing agents and other benefits of managing and others U.K.

5.—(1) The information specified in sub-paragraph (2) must be given in notes to the syndicate's annual accounts.

(2) The information is—

(a) the aggregate amount charged to a syndicate by its managing agent, in respect of emoluments paid to the managing agent's directors, the active underwriter and (where applicable) the run-off manager of the syndicate, in the financial year to which the accounts relate; and

(b) the specific amounts charged to a syndicate by its managing agent in respect of emoluments paid to the syndicate's active underwriter and (where applicable) its run-off manager in that financial year.

(3) In this paragraph, “emoluments”—

(a) includes salaries, fees and bonuses, sums paid by way of expenses allowance (so far as they are chargeable to United Kingdom income tax) and, subject to paragraph (b), the estimated money value of any other benefits received by the person concerned otherwise than in cash; but

(b) does not include any of the following, namely—

(i) the value of any share options granted or the amount of any gains made on the exercise of any such options;

(ii) any contributions paid, or treated as paid, in respect of the person concerned under any pension scheme or any benefits to which that person is entitled under any such scheme; or

(iii) any money or other assets paid, received or receivable under any long term incentive scheme.

(4) In this paragraph—

“active underwriter” means, in relation to a syndicate, the individual at or deemed by the Council to be at, the underwriting box with principal authority to accept risks on behalf of the members of the syndicate;

“run-off manager” means, in relation to a run-off syndicate, the person who has principal authority to negotiate or place contracts of reinsurance or negotiate and settle the payment of claims on contracts of insurance or reinsurance on behalf of the members of the syndicate;

“run-off syndicate” means a syndicate which no longer accepts new or renewal insurance business (other than the variation or extension of risks previously underwritten, or reinsurance to close of an earlier year of account of that syndicate).