PART 5Transitional and Consequential Provisions
Transitional provisions
17.—(1) The managing agent of a syndicate need not prepare accounts in accordance with regulations 3 and 4 with respect to a financial year of the syndicate commencing on or before 31st December 2004.
(2) Where advantage is taken of paragraph (1), regulation 7 does not apply to the managing agent.
(3) The members of the Council of Lloyd’s need not—
(a)prepare aggregate accounts in accordance with regulation 8;
(b)prepare an annual report in accordance with regulation 10; or
(c)obtain an auditors' report in accordance with regulation 12
with respect to a financial year commencing on or before 31st December 2004.
(4) Nothing in this regulation exempts a managing agent or the Council of Lloyd’s from any requirement to include corresponding amounts from previous financial years in syndicate or aggregate accounts prepared in accordance with these Regulations.
Consequential provisions
18.—(1) Regulations 4, 5(2), 6(1)(b), 6(2)(b) and 6(3)(b) of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993(1) are revoked.
(2) In regulations 6(1) and 6(3) of those regulations the following words are deleted—
“or (as the case may be) a member of the Council”.
(3) In regulation 6(2) of those regulations the following words are deleted—
“or (as the case may be) a member of the Council of Lloyd's”.
S.I. 1993/3245.