The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2004 No. 3219

SCHEDULE Modification of Part 7 of the 1985 Act for syndicate accounts

9.  Section 234A(1) (approval and signing of directors' report) is modified as follows—

(a) for subsection (1) substitute the following—

“(1) The directors' report shall be approved and signed by the syndicate’s managing agent and where the managing agent is a body corporate or a partnership, the report shall be signed by a director or partner of the managing agent, authorised to sign on its behalf.”;

(b) for subsection (2) there shall be substituted the following—

“(2) Every copy of the report which is circulated, published, issued or delivered to the Authority shall state the name of the person who signed the balance sheet on behalf of the syndicate’s managing agent.”; and

(c) subsections (3) and (4) are omitted.

(1)

Inserted by the Companies Act 1989.