The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations (Northern Ireland) 1994

Explanatory Note

(This note is not part of the Regulations.)

1.  These Regulations implement as respects Northern Ireland Council Directive 91/674/EEC (O.J. No. L374 31.12.91 pages 7 to 31) on the annual accounts and consolidated accounts of insurance undertakings, in so far as that Directive is applicable to bodies corporate or unincorporate other than (a) bodies corporate to which Part VIII of the Companies (Northern Ireland) Order 1986 (“the 1986 Order”) applies and (b) friendly societies. (The Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994 (S.R. 1994 No. )) implement Directive 91/674/EEC in respect of bodies corporate to which Part VIII of the 1986 Order applies;.

2.  The directors of qualifying bodies for the purposes of the Regulations are required by regulation 3 to prepare annual accounts and an annual report, and to obtain an auditors' report on such accounts, in accordance with the provisions of Part VIII of the 1986 Order which are specified in paragraph (3) and are applicable to insurance companies and groups.

3.  Regulation 4 requires the accounts prepared under regulation 3 to be made available for inspection without charge at the qualifying body’s head office in Northern Ireland.

4.  Regulation 5 makes provision in relation to offences for failure to comply with the Regulations. A person guilty of such an offence is liable on summary conviction to a fine not exceeding 52,000.

5.  Regulation 6 and the Schedule make certain modifications of legislation applicable to industrial and provident societies which prepare accounts under the Regulations.

6.  Regulation 7 permits the directors of a qualifying body not to prepare annual accounts and an annual report (and obtain an auditors' report on the accounts) under the Regulations for financial years commencing before 23rd December 1994. This transitional provision mirrors the transitional provision in the Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994.

7.  A Compliance Cost Assessment of the impact that the Regulations will have a business is available from Registry of Companies, IDB House, 64 Chichester Street, Belfast, BT1 4JX.