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

Managing agent’s report: business review

9.—(1) The managing agent’s report must contain a business review.

(2) The business review must contain—

(a) a fair review of the business of the syndicate; and

(b) a description of the principal risks and uncertainties facing the syndicate.

(3) The review required is a balanced and comprehensive analysis of—

(a) the development and performance of the syndicate’s business during the financial year; and

(b) the position of the syndicate’s business at the end of that year,

consistent with the size and complexity of the business.

(4) The review must include to the extent necessary for an understanding of the development, performance or position of the insurance business of the syndicate—

(a) analysis using financial key performance indicators; and

(b) where appropriate, analysis using other key performance indicators, including information relating to environmental matters and employee matters.

(5) In sub-paragraph (4), “key performance indicators” means factors by reference to which the development, performance or position of the insurance business of the syndicate can be measured effectively.

(6) The review must, where appropriate, include references to and additional explanations of amounts included in the syndicate accounts.

(7) Nothing in this paragraph requires the disclosure of information about impending developments or matters in the course of negotiation if the disclosure would, in the opinion of the managing agent, be seriously prejudicial to the interests of the syndicate.