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

Requirements in connection with publication of statutory accounts U.K.

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).