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

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Preparation of annual report by the Council of Lloyd's

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10.—(1) The members of the Council of Lloyd’s must prepare an annual report on the insurance business carried on by the members of Lloyd’s containing—

(a)a fair review of the insurance business carried on by the members of Lloyd’s during the financial year, and of the position of the Lloyd’s market at the end of it, consisting of a balanced and comprehensive analysis of the development and performance of the business of the members of Lloyd's; and

(b)a description of the principal risks and uncertainties facing the Lloyd’s market.

(2) The business review in the Council of Lloyd's' annual report must include, to the extent necessary for an understanding of the development, performance or position of the insurance business of the members of Lloyd's—

(a)analysis using financial key performance indicators; and

(b)where appropriate, analysis using other key performance indicators.

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

(4) In this regulation “key performance indicators” means factors by reference to which the development, performance or position of the insurance business of the members of Lloyd’s can be measured most effectively.

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