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

  1. Introductory Text

  2. PART 1 General

    1. 1.Citation and commencement

    2. 2.Interpretation

  3. PART 2 Syndicate accounts

    1. 3.Preparation of syndicate annual accounts

    2. 4.Preparation of syndicate underwriting year accounts

    3. 5.Accounts to be sent to syndicate members, the Council and the Authority

    4. 6.Publication of syndicate accounts

    5. 7.Penalties for non-compliance

  4. PART 3 Aggregate accounts

    1. 8.Preparation of aggregate accounts by Council of Lloyd's

    2. 9.Approval and signing of aggregate accounts

    3. 10.Preparation of annual report by the Council of Lloyd's

    4. 11.Approval and signing of annual report

    5. 12.Auditors' report

    6. 13.Signature of auditors' report

    7. 14.Appointment of and duties of auditors

    8. 15.Aggregate accounts and annual report of Council to be delivered to the Authority and published

  5. PART 4 Regulation by the Financial Services Authority

    1. 16.Functions of the Financial Services Authority

  6. PART 5 Transitional and Consequential Provisions

    1. 17.Transitional provisions

    2. 18.Consequential provisions

  7. Signature

    1. SCHEDULE

      Modification of Part 7 of the 1985 Act for syndicate accounts

      1. 1.The accounts prepared under regulation 3 must comply with the...

      2. 2.Where any of the provisions of the 1985 Act set...

      3. 3.The following sections of the 1985 Act are modified in...

      4. 4.Section 226 (duty to prepare individual accounts) is modified as...

      5. 5.Section 231 (disclosure required in notes to accounts: related undertakings)...

      6. 6.(1) Section 232 (disclosure required in notes to accounts: emoluments...

      7. 7.Section 233 (approval and signing of accounts) is modified as...

      8. 8.Section 234 (duty to prepare directors' report) is modified as...

      9. 9.Section 234A (approval and signing of directors' report) is modified...

      10. 10.Section 235 (auditors' report) is modified so that subsection (1)...

      11. 11.Section 236 (signature of auditors report) is modified as follows—...

      12. 12.Section 240 (requirements in connections with publication of accounts) is...

      13. 13.Schedule 9A (form and content of accounts of insurance companies...

  9. Explanatory Note