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

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This is the original version (as it was originally made).

Prevention by members of deemed re-appointment of auditor

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15.—(1) An auditor of a syndicate is not deemed to be re-appointed under paragraph 14(2) if the managing agent has received notices under this paragraph from members of the syndicate representing at least the requisite percentage of the total voting rights of all members of the syndicate who would be entitled to vote on a resolution that the auditor should not be re-appointed.

(2) The “requisite percentage” is 5%, or such lower percentage as is specified for this purpose in Lloyd’s byelaws.

(3) A notice under this paragraph—

(a)may be in hard copy or electronic form;

(b)must be authenticated by the person or persons giving it; and

(c)must be received by the managing agent before the end of the financial year immediately preceding the time when the deemed re-appointment would have effect.

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