UK Statutory Instrument
2008
United Kingdom
Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008
At a glance
Enforced by
What's here
37 compliance obligations
Penalty landscape
4 of 37 obligations carry an unlimited fine. 2 carry different penalties and 31 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 21
- Director or Officer 6
- Contractor 1
- Employer 1
Plus 8 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
Contractors also bound by 178 other Acts (top 5 shown)
- The National Health Service (Personal Medical Services Agreements) Regulations 2015 2015 137 duties
- The National Health Service (General Medical Services Contracts) Regulations 2015 2015 134 duties
- Construction (Design and Management) Regulations 2015 2015 114 duties
- The National Health Service (General Medical Services Contracts) (Wales) Regulations 2023 2023 93 duties
- The Health and Personal Social Services (General Medical Services Contracts) Regulations (Northern Ireland) 2004 2004 87 duties
Employers also bound by 694 other Acts (top 5 shown)
- The Income Tax (Pay As You Earn) Regulations 2003 2003 236 duties
- Provision and Use of Work Equipment Regulations 1998 1998 120 duties
- TULRCA 1992 1992 72 duties
- Employment Rights (Northern Ireland) Order 1996 (current NI employment law) 1996 52 duties
- Income Tax (Earnings and Pensions) Act 2003 2003 50 duties
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.
Part 1 — GENERAL
Browse 4 other sections in this Part — procedural / definitional / commencement
Interpretation
Senior Statutory Auditor
Summary proceedings
Part 2 — SYNDICATE ACCOUNTS
Preparation of syndicate's annual accounts
- Prepare annual accounts and reports for each syndicate you manage Any Person
Approval and signing of accounts
- Approve and sign syndicate annual accounts Any Person
Accounts to be sent to syndicate members, the Council of Lloyd's and the Authority
- Send syndicate accounts to members, Council and Authority within deadlines Any Person
Publication of syndicate accounts and reports
Other duties (1) — Crown / regulator
- Council of Lloyd's must make syndicate accounts available for inspection and supply copies Statutory regulator
Names to be stated in copies of auditor's report published or filed
- State auditor names on published or filed copies of the auditor’s report Any Person
Requirements in connection with publication of statutory accounts
- Publish statutory accounts with auditor's report Any Person
Browse 7 other sections in this Part — procedural / definitional / commencement
Preparation of syndicate underwriting year accounts
Auditor's report
Duties of auditors
Signature of auditor's report
Circumstances in which names may be omitted
Delivery and publication of accounts in euros
Penalties for non-compliance
Part 3 — AGGREGATE ACCOUNTS
Preparation of aggregate accounts by Council of Lloyd's
Other duties (1) — Crown / regulator
- Council of Lloyd's must prepare aggregate accounts annually Statutory regulator
Approval and signing of aggregate accounts
Other duties (1) — Crown / regulator
- Council of Lloyd's must approve and sign aggregate accounts Statutory regulator
Preparation of annual report by the Council of Lloyd's
- Council of Lloyd's must prepare an annual report on insurance business Any Person
Approval and signing of annual report
Other duties (1) — Crown / regulator
- Council of Lloyd's must approve and sign the annual report Statutory regulator
Auditor's report
- Council of Lloyd's must obtain a written auditor's report on aggregate accounts Any Person
Signature of auditor's report
- Auditor must sign and date the audit report with their name Contractor
Names to be stated in copies of auditor's report published or filed
- State auditor's name on published reports and deliver signed copy to the Authority Any Person
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 aggregate accounts and annual report to the Authority and make them publicly available Statutory regulator
Browse 3 other sections in this Part — procedural / definitional / commencement
Circumstances in which names may be omitted
Duties of auditors
Penalties for non-compliance
Part 4 — Regulation by the Authority
Browse 1 other section in this Part — procedural / definitional / commencement
Functions of the Authority
Part 5 — Revocation and consequential provision
Browse 3 other sections in this Part — procedural / definitional / commencement
Revocation
Consequential amendment
Review
Schedules
Syndicate's annual accounts
- Prepare annual accounts for your Lloyd's syndicate Any Person
Financial instruments
- Include financial risk management objectives and risk exposures in managing agent's report Any Person
Statement as to disclosure of information to auditors
Unlimited fine- Submit false statement to syndicate auditors Director or Officer
Approval and signing of managing agent's report
- Approve and sign the managing agent's report Director or Officer
Appointment of syndicate auditors
Fine up to £1,000- Fail to notify regulator of missing syndicate auditor appointment Director or Officer
Prevention by members of deemed re-appointment of auditor
- Prevent automatic re-appointment of auditor if enough members object Any Person
Duty of auditor to notify appropriate audit authority
Unlimited fine- Auditor fails to notify audit authority on leaving office Director or Officer
Duty of managing agent to notify appropriate audit authority
- Notify audit authority if your syndicate's auditor leaves early Any Person
Compliance with Regulations
- Ensure syndicate accounts give a true and fair view Any Person
Information about related undertakings
- Include related-undertaking information in syndicate accounts Any Person
Information about employee numbers and staff
- Include employee numbers and costs in syndicate's annual accounts Employer
Information about emoluments of managing agents and other benefits of managing and others
- Disclose emoluments of managing agent's directors, active underwriter and run-off manager in syndicate accounts Any Person
Information about directors' benefits: advances and credit
- Disclose advances and credit given to directors and charged to the syndicate Director or Officer
Managing agent's report: general requirements
- Managing agent must prepare an annual report for the syndicate Any Person
Managing agent's report: business review
- Include a fair business review in the managing agent's annual report Director or Officer
(1) There must be disclosed in a note to a...
- Disclose auditor remuneration in syndicate annual accounts Any Person
Duty of auditor to supply information
- Auditor must supply information for service disclosure Any Person
Duty of Council of Lloyd's to notify the appropriate audit authority
Other duties (1) — Crown / regulator
- Council of Lloyd's must notify audit authority when auditor leaves early Statutory regulator
Annual report: general requirements
Other duties (1) — Crown / regulator
- Council of Lloyd's must include specific content in annual report Statutory regulator
Annual report: business review
Other duties (1) — Crown / regulator
- Council of Lloyd's must prepare a business review for the annual report Statutory regulator
Statement as to disclosure of information to auditors
Unlimited fine- Council member makes false audit disclosure Any Person
Appointment of auditor for aggregate accounts
Fine up to £1,000- Fail to notify regulator of missing auditor appointment Any Person
Duty of auditor to notify appropriate audit authority
Unlimited fine- Auditor fails to notify audit authority of leaving office early Any Person
Browse 10 other Schedules — structural / supplementary
Term of office of auditors of syndicate
Removal of auditor on improper grounds
Off-balance sheet arrangements
Disclosure required in notes to accounts
Disclosure of types of service
Meaning of “associate of auditor” and “distant associate”
Disclosure required in notes to accounts: off-balance sheet arrangements
Term of office of auditors of the aggregate accounts
Prevention by members of deemed re-appointment of auditor
Removal of auditors on improper grounds
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Financial Reporting Council
Regulates auditors, accountants, and actuaries. Sets UK Corporate Governance Code and Stewardship Code. Monitors corporate reporting and audit quality. Planned to become …
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