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The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008
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- UK Statutory Instruments
- 2008 No. 1950
- SCHEDULE 1
- PART 2
- Paragraph 10
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Financial instrumentsU.K.
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10.—(1) In relation to the use of financial instruments by a syndicate, the managing agent's report must contain an indication of—
(a)the financial risk management objectives and policies of the syndicate, including the policy for hedging each major type of forecasted transaction for which hedge accounting is used; and
(b)the exposure of the syndicate to price risk, credit risk, liquidity risk and cash flow risk,
unless such information is not material for the assessment of the assets, liabilities, financial position and profit or loss of the syndicate.
(2) In sub-paragraph (1) the expressions “hedge accounting”, “price risk”, “credit risk”, “liquidity risk” and “cash flow risk” have the same meaning as they have in Council Directive 78/660/EEC on the annual accounts of certain types of companies, and in Council Directive 83/349/EEC on consolidated accounts M1.
Marginal Citations
M1O.J.L222 of 14.8.1978, page 11, and O.J. L193 of 18.7.1983, page 1, as amended in particular by Directives 2001/65/EEC and 2003/51/EEC of the European Parliament and of the Council (O.J. L238 of 27.12.2001, page 28, and O.J. L178 of 17.7.2003, page 16).
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