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

1. Introductory Text

2. PART 1 GENERAL

   1. 1. Citation, commencement and application

   2. 2. Interpretation

   3. 3. Senior Statutory Auditor

   4. 4. Summary proceedings

3. PART 2 SYNDICATE ACCOUNTS

   1. 5. Preparation of syndicate’s annual accounts

   2. 6. Preparation of syndicate underwriting year accounts

   3. 7. Approval and signing of accounts

   4. 8. Accounts to be sent to syndicate members, the Council of Lloyd’s and the Authority

   5. 9. Publication of syndicate accounts and reports

   6. 10. Auditor’s report

   7. 11. Duties of auditors

   8. 12. Signature of auditor’s report

   9. 13. Names to be stated in copies of auditor’s report published or filed

   10. 14. Circumstances in which names may be omitted

   11. 15. Requirements in connection with publication of statutory accounts

   12. 16. Delivery and publication of accounts in euros

   13. 17. Penalties for non-compliance

4. PART 3 AGGREGATE ACCOUNTS

   1. 18. Preparation of aggregate accounts by Council of Lloyd’s

   2. 19. Approval and signing of aggregate accounts

   3. 20. Preparation of annual report by the Council of Lloyd’s

   4. 21. Approval and signing of annual report

   5. 22. Auditor’s report

   6. 23. Signature of auditor’s report

   7. 24. Names to be stated in copies of auditor’s report published or filed

   8. 25. Circumstances in which names may be omitted

   9. 26. Duties of auditors

   10. 27. Aggregate accounts and annual report of Council to be delivered to the Authority and published

   11. 28. Penalties for non-compliance

5. PART 4 Regulation by the Authority

   1. 29. Functions of the Authority

6. PART 5 Revocation and consequential provision

   1. 30. Revocation

   2. 31. Consequential amendment

7. Signature

8. 1. SCHEDULE 1

      SYNDICATE ACCOUNTS

      1. PART 1 GENERAL PROVISIONS

         1. 1. Syndicate’s annual accounts

         2. 2. Compliance with Regulations

         3. 3. Information about related undertakings

         4. 4. Information about employee numbers and staff

         5. 5. Information about emoluments of managing agents and other benefits of managing and others

         6. 6. Information about directors’ benefits: advances and credit

         7. 7. Off-balance sheet arrangements

      2. PART 2 MANAGING AGENT’S REPORT

         1. 8. Managing agent’s report: general requirements

         2. 9. Managing agent’s report: business review

         3. 10. Financial instruments

         4. 11. Statement as to disclosure of information to auditors

         5. 12. Approval and signing of managing agent’s report

      3. PART 3 AUDITORS

         1. 13. Appointment of syndicate auditors

         2. 14. Term of office of auditors of syndicate

         3. 15. Prevention by members of deemed re-appointment of auditor

         4. 16. Removal of auditor on improper grounds

         5. 17. Duty of auditor to notify appropriate audit authority

         6. 18. Duty of managing agent to notify appropriate audit authority

   2. SCHEDULE 2

      AUDITOR’S REMUNERATION

      1. 1. Disclosure required in notes to accounts

      2. 2. (1) There must be disclosed in a note to a...

      3. 3. Disclosure of types of service

      4. 4. Meaning of “associate of auditor” and “distant associate”

      5. 5. Duty of auditor to supply information

   3. SCHEDULE 3

      PROVISIONS APPLYING TO AGGREGATE ACCOUNTS

      1. PART 1 GENERAL PROVISIONS AND ANNUAL REPORT

         1. 1. Disclosure required in notes to accounts: off-balance sheet arrangements

         2. 2. Annual report: general requirements

         3. 3. Annual report: business review

         4. 4. Statement as to disclosure of information to auditors

      2. PART 2 AUDITORS

         1. 5. Appointment of auditor for aggregate accounts

         2. 6. Term of office of auditors of the aggregate accounts

         3. 7. Prevention by members of deemed re-appointment of auditor

         4. 8. Removal of auditors on improper grounds

         5. 9. Duty of auditor to notify appropriate audit authority

         6. 10. Duty of Council of Lloyd’s to notify the appropriate audit authority

9. Explanatory Note