The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2004

Preparation of syndicate annual accounts

3.—(1) Managing agents must prepare or cause to be prepared the accounts and reports required by paragraph (2), in respect of—

(a) each syndicate that they manage on 31^st December; and

(b) any syndicate that they were the last managing agent to manage during the preceding year and which has no managing agent on 31^st December.

(2) Managing agents must, for the financial year preceding 31^st December, in respect of each syndicate—

(a) prepare the annual accounts and annual report; and

(b) cause to be prepared such an auditors' report,

as would be required under the provisions listed in paragraph (4) below if the syndicate were an insurance company formed and registered under the 1985 Act.

(3) The accounts required by this regulation must—

(a) be prepared within a period of 3 months beginning immediately after the end of the syndicate’s financial year;

(b) state that they are prepared under this regulation; and

(c) comply with such of the requirements of the provisions in paragraph (4) as relate to the contents of the required accounts or reports, subject to the modifications in the Schedule to these Regulations.

(4) The provisions referred to in paragraphs (2) and (3) the provisions are the following provisions of the 1985 Act—

(a) sections 226(1) and (2)(a),226A, 231 to 234, 234A, 235 to 237, 240, 242B, 255(1);

(b) paragraphs 11 and 12 of Schedule 5;

(c) paragraph 6 of Schedule 7;

(d) Schedule 9A other than—

(i) paragraphs 10(2), 61, 64, 65, 72(2), 73;

(ii) in paragraph 2(2) the words from “but the following” to the end of that paragraph; and

(iii) Part 2 of that Schedule.

(5) For the purposes of the provisions listed in paragraph (4) as applied to accounts prepared under this regulation, these Regulations shall be regarded as part of the requirements of the 1985 Act.

(6) Part 2 of the Companies Act 1989(2) (eligibility for appointment as auditors) applies to auditors appointed for the purposes of this regulation subject to any necessary modifications to take account of the fact that the syndicate is unincorporated.

(7) The Schedule to these Regulations has effect for the purpose of modifying the provisions of the 1985 Act listed in paragraph (4), in their application to syndicates.

(1)

sections 226, 235, 236 and 240 were amended by and section 226A was inserted by the Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947)

(2)

1989 c. 40.