UK Statutory Instrument 2004 United Kingdom

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

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At a glance

What's here

11 compliance obligations

Who this Act binds

Plus 7 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.

What this Act requires

Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.

s.003

Preparation of syndicate annual accounts

  • Prepare annual accounts and reports for each managed syndicate
s.005

Accounts to be sent to syndicate members, the Council and

  • Send syndicate accounts to members and Council within 3 months, FCA within 6 months
s.006

Publication of syndicate accounts

Other duties (1) — Crown / regulator
  • Council of Lloyd’s must make syndicate accounts available for inspection and supply copies Statutory regulator
s.008

Preparation of aggregate accounts by Council of Lloyd's

Other duties (1) — Crown / regulator
  • Council of Lloyd's must prepare annual aggregate accounts within 6 months Statutory regulator
s.009

Approval and signing of aggregate accounts

Other duties (1) — Crown / regulator
  • Council of Lloyd's must approve and sign aggregate accounts Statutory regulator
s.010

Preparation of annual report by the Council of Lloyd's

Other duties (1) — Crown / regulator
  • Council of Lloyd's must prepare annual report on insurance business Statutory regulator
s.011

Approval and signing of annual report

Other duties (1) — Crown / regulator
  • Council of Lloyd's must approve, sign and circulate annual report with signatory's name Statutory regulator
s.012

Auditors' report

Other duties (1) — Crown / regulator
  • Council of Lloyd's must obtain and publish auditors' report on aggregate accounts Crown / Minister / Government department
s.013

Signature of auditors' report

  • Auditors must sign and date the report and state their names on all copies
s.014

Appointment of and duties of auditors

  • Auditors must check aggregate accounts are properly prepared
s.015

Aggregate accounts and annual report of Council to be delivered to the Authority and published

Other duties (1) — Crown / regulator
  • Council of Lloyd's must deliver accounts to regulator and allow public inspection Statutory regulator
Browse 20 other sections — procedural / definitional / commencement
s.001

Citation and commencement

s.002

Interpretation

s.004

Preparation of syndicate underwriting year accounts

s.007

Penalties for non-compliance

s.016

Functions of the Financial Services Authority

s.017

Transitional provisions

s.018

Consequential provisions

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