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

Preparation of aggregate accounts by Council of Lloyd's

8.—(1) The members of the Council of Lloyd’s must prepare aggregate accounts in respect of each financial year by cumulating all the syndicate annual accounts prepared in accordance with regulation 3 for that year.

(2) The aggregate accounts must consist of—

(a) an aggregate balance sheet as at the last day of the year; and

(b) an aggregate profit and loss account.

Those accounts are referred to in these Regulations as the “aggregate accounts”.

(3) The aggregate accounts must—

(a) be prepared within the period of 6 months beginning immediately after the end of the financial year; and

(b) state that they are prepared under these Regulations.

(4) The aggregate accounts must comply with the provisions of Schedule 9A to the 1985 Act as to the form and content of the aggregate balance sheet and aggregate profit and loss account, and additional information to be provided by way of notes to the accounts, apart from the provisions set out in paragraph (5).

(5) The provisions are the following—

(a) paragraphs 10(2), 61, 64, 65, 68, 70, 72(2), 73;

(b) in paragraph 2(2) the words from “but the following” to the end; and

(c) Part 2 of that Schedule.