UK Statutory Instrument SI 2008 United Kingdom

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

Read it on legislation.gov.uk (opens in a new tab)
Enforced by
FRC
Status
In Force
Penalty ceiling
Prosecution 4 of 37 obligations carry an unlimited fine. 2 carry different penalties and 31 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Any Person21 Director or Officer6 Contractor1 Employer1

Plus 8 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Director or Officer — also bound by 429 other Acts
Companies Act 2006 126 duties
Contractor — also bound by 173 other Acts
Employer — also bound by 682 other Acts
TULRCA 1992 72 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

GENERAL

0 of 4 sections shown
4 other sections in this Part — procedural and definitional
s.001 Citation, commencement and application
s.002 Interpretation
s.003 Senior Statutory Auditor
s.004 Summary proceedings
Part 2

SYNDICATE ACCOUNTS

6 of 13 sections shown
s.005 Preparation of syndicate's annual accounts Regulated
  • Prepare annual accounts and reports for each syndicate you manageAny Person
s.007 Approval and signing of accounts Regulated
  • Approve and sign syndicate annual accountsAny Person
s.008 Accounts to be sent to syndicate members, the Council of Lloyd's and the Authority Regulated
  • Send syndicate accounts to members, Council and Authority within deadlinesAny Person
s.009 Publication of syndicate accounts and reports Regulated
Other duties (1) — Crown / regulator
  • Council of Lloyd's must make syndicate accounts available for inspection and supply copiesStatutory regulator
s.013 Names to be stated in copies of auditor's report published or filed Regulated
  • State auditor names on published or filed copies of the auditor’s reportAny Person
s.015 Requirements in connection with publication of statutory accounts Regulated
  • Publish statutory accounts with auditor's reportAny Person
7 other sections in this Part — procedural and definitional
s.006 Preparation of syndicate underwriting year accounts
s.010 Auditor's report
s.011 Duties of auditors
s.012 Signature of auditor's report
s.014 Circumstances in which names may be omitted
s.016 Delivery and publication of accounts in euros
s.017 Penalties for non-compliance
Part 3

AGGREGATE ACCOUNTS

8 of 11 sections shown
s.018 Preparation of aggregate accounts by Council of Lloyd's Regulated
Other duties (1) — Crown / regulator
  • Council of Lloyd's must prepare aggregate accounts annuallyStatutory regulator
s.019 Approval and signing of aggregate accounts Regulated
Other duties (1) — Crown / regulator
  • Council of Lloyd's must approve and sign aggregate accountsStatutory regulator
s.020 Preparation of annual report by the Council of Lloyd's Regulated
  • Council of Lloyd's must prepare an annual report on insurance businessAny Person
s.021 Approval and signing of annual report Regulated
Other duties (1) — Crown / regulator
  • Council of Lloyd's must approve and sign the annual reportStatutory regulator
s.022 Auditor's report Regulated
  • Council of Lloyd's must obtain a written auditor's report on aggregate accountsAny Person
s.023 Signature of auditor's report Regulated
  • Auditor must sign and date the audit report with their nameContractor
s.024 Names to be stated in copies of auditor's report published or filed Regulated
  • State auditor's name on published reports and deliver signed copy to the AuthorityAny Person
s.027 Aggregate accounts and annual report of Council to be delivered to the Authority and published Regulated
Other duties (1) — Crown / regulator
  • Council of Lloyd's must deliver aggregate accounts and annual report to the Authority and make them publicly availableStatutory regulator
3 other sections in this Part — procedural and definitional
s.025 Circumstances in which names may be omitted
s.026 Duties of auditors
s.028 Penalties for non-compliance
Part 4

Regulation by the Authority

0 of 1 section shown
1 other section in this Part — procedural and definitional
s.029 Functions of the Authority
Part 5

Revocation and consequential provision

0 of 3 sections shown
3 other sections in this Part — procedural and definitional
s.030 Revocation
s.031 Consequential amendment
s.032 Review
Schedules

Schedules

23 of 33 shown
s.sch001 Syndicate's annual accounts Regulated
  • Prepare annual accounts for your Lloyd's syndicateAny Person
s.sch001 Financial instruments Regulated
  • Include financial risk management objectives and risk exposures in managing agent's reportAny Person
s.sch001 Statement as to disclosure of information to auditors Prosecution
  • Submit false statement to syndicate auditorsDirector or Officer

Unlimited fine

s.sch001 Approval and signing of managing agent's report Regulated
  • Approve and sign the managing agent's reportDirector or Officer
s.sch001 Appointment of syndicate auditors Prosecution
  • Fail to notify regulator of missing syndicate auditor appointmentDirector or Officer

Fine up to £1,000

s.sch001 Prevention by members of deemed re-appointment of auditor Regulated
  • Prevent automatic re-appointment of auditor if enough members objectAny Person
s.sch001 Duty of auditor to notify appropriate audit authority Prosecution
  • Auditor fails to notify audit authority on leaving officeDirector or Officer

Unlimited fine

s.sch001 Duty of managing agent to notify appropriate audit authority Regulated
  • Notify audit authority if your syndicate's auditor leaves earlyAny Person
s.sch001 Compliance with Regulations Regulated
  • Ensure syndicate accounts give a true and fair viewAny Person
s.sch001 Information about related undertakings Regulated
  • Include related-undertaking information in syndicate accountsAny Person
s.sch001 Information about employee numbers and staff Regulated
  • Include employee numbers and costs in syndicate's annual accountsEmployer
s.sch001 Information about emoluments of managing agents and other benefits of managing and others Regulated
  • Disclose emoluments of managing agent's directors, active underwriter and run-off manager in syndicate accountsAny Person
s.sch001 Information about directors' benefits: advances and credit Regulated
  • Disclose advances and credit given to directors and charged to the syndicateDirector or Officer
s.sch001 Managing agent's report: general requirements Regulated
  • Managing agent must prepare an annual report for the syndicateAny Person
s.sch001 Managing agent's report: business review Regulated
  • Include a fair business review in the managing agent's annual reportDirector or Officer
s.sch002 (1) There must be disclosed in a note to a... Regulated
  • Disclose auditor remuneration in syndicate annual accountsAny Person
s.sch002 Duty of auditor to supply information Regulated
  • Auditor must supply information for service disclosureAny Person
s.sch003 Duty of Council of Lloyd's to notify the appropriate audit authority Regulated
Other duties (1) — Crown / regulator
  • Council of Lloyd's must notify audit authority when auditor leaves earlyStatutory regulator
s.sch003 Annual report: general requirements Regulated
Other duties (1) — Crown / regulator
  • Council of Lloyd's must include specific content in annual reportStatutory regulator
s.sch003 Annual report: business review Regulated
Other duties (1) — Crown / regulator
  • Council of Lloyd's must prepare a business review for the annual reportStatutory regulator
s.sch003 Statement as to disclosure of information to auditors Prosecution
  • Council member makes false audit disclosureAny Person

Unlimited fine

s.sch003 Appointment of auditor for aggregate accounts Prosecution
  • Fail to notify regulator of missing auditor appointmentAny Person

Fine up to £1,000

s.sch003 Duty of auditor to notify appropriate audit authority Prosecution
  • Auditor fails to notify audit authority of leaving office earlyAny Person

Unlimited fine

10 other schedules
s.sch001 Term of office of auditors of syndicate
s.sch001 Removal of auditor on improper grounds
s.sch001 Off-balance sheet arrangements
s.sch002 Disclosure required in notes to accounts
s.sch002 Disclosure of types of service
s.sch002 Meaning of “associate of auditor” and “distant associate”
s.sch003 Disclosure required in notes to accounts: off-balance sheet arrangements
s.sch003 Term of office of auditors of the aggregate accounts
s.sch003 Prevention by members of deemed re-appointment of auditor
s.sch003 Removal of auditors on improper grounds

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.