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The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008

Changes over time for: Section 15

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Requirements in connection with publication of statutory accountsU.K.

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15.—(1) If a managing agent publishes any of the statutory accounts of a syndicate, they must be accompanied by the auditor's report on those accounts.

(2) If a managing agent publishes non-statutory accounts of a syndicate, it must publish with them a statement indicating—

(a)that they are not the syndicate's statutory accounts;

(b)whether statutory accounts dealing with any financial year with which the non-statutory accounts purport to deal have been sent to the Authority under regulation 8(2) of these Regulations; and

(c)whether an auditor's report has been made on the syndicate's accounts for any such financial year, and if so whether the report—

(i)was qualified or unqualified, or included a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report; or

(ii)contained a statement under regulation 11(2), (3) or (4).

(3) The managing agent must not publish the auditor's report on the syndicate's statutory accounts with non-statutory accounts.

(4) References in this regulation to the publication by a managing agent of “non-statutory accounts” are to the publication of any balance sheet or profit and loss account relating to, or purporting to deal with, a financial year of the syndicate or an underwriting year of the syndicate otherwise than as part of the syndicate's statutory accounts.

(5) A syndicate's “statutory accounts” are its accounts for a financial year specified in regulations 5(2)(a) and 6 (1) and required to be sent to the Authority under regulation 8(2).

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