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3.—(1) The directors of an insurance undertaking must in respect of each financial year of the undertaking—
(a)prepare the like annual accounts and directors’ report, and
(b)cause to be prepared such an auditor’s report,
as would be required under the provisions mentioned in paragraph (3) if the undertaking were a company which is an insurance company or the parent company of an insurance group.
(2) The accounts required by this regulation must—
(a)be prepared within the period of 6 months beginning immediately after the end of the undertaking’s financial year,
(b)state that they are prepared under this regulation, and
(c)comply 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.
(3) The provisions referred to in paragraphs (1) and (2) are the following provisions of the Companies Act 2006 and the Companies Accounts Regulations—
(a)Chapters 4 and 5 of Part 15 of the Companies Act 2006 (accounts and reports),
(b)sections 433 (name of signatory to be stated in published copies of accounts and reports) and 436 (meaning of “publication” in relation to accounts and reports) of that Act as far as the latter section has effect for the purposes of section 433,
(c)section 469 of that Act (preparation and filing of accounts in euros),
(d)sections 475(1) (requirement for audited accounts), 495 (auditor’s report on annual accounts), 496 (auditor’s report on directors’ report), 498 (duties of auditor), 503 (signature of auditor’s report) and 505 (names to be stated in published copies of auditor’s report) of that Act,
(e)where Companies Act individual accounts are prepared, Schedule 3 to the Companies Accounts Regulations (insurance companies: Companies Act individual accounts) other than paragraphs 11, 62, 68, 70, 71, 72, 82(2), 83 and 84 and, in paragraph 2(2), the words from “save that none of the following” to the end,
(f)Schedule 4 to those Regulations (information on related undertakings required whether preparing Companies Act or IAS accounts) other than paragraphs 9 and 12,
(g)Schedule 5 to those Regulations (information about benefits of directors) other than paragraphs 2, 4 and 5,
(h)where Companies Act group accounts are prepared, Part 1 of Schedule 6 to the Companies Accounts Regulations (Companies Act group accounts: general rules) (as modified by Part 3 of that Schedule (modifications for insurance groups)) other than paragraphs 13(3) and (4), 14 and 15,
(i)paragraphs 6 and 7 of Schedule 7 to those Regulations (directors’ report).
(4) For the purposes of those provisions as applied to accounts prepared under this regulation, these Regulations are to be regarded as part of the requirements of the Companies Act 2006 and the Companies Accounts Regulations.
(5) Regulations 5 and 6 of the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008(1) apply in relation to the accounts required by this regulation as they apply in relation to the annual accounts of a company or group which is not a small or medium-sized company or group.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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