A. General
For the purposes of this Directive, both Lloyd's and Lloyd's syndicates shall be deemed to be insurance undertakings.
Subject to the necessary adaptations set out in section B:
- Lloyd's syndicates shall prepare annual accounts ('syndicate accounts'), and
- Lloyd's shall prepare aggregate accounts ('aggregate accounts') in place of the consolidated accounts prescribed in Directive 83/349/EEC.
In this Annex, 'Lloyd's accounts' shall mean both types of accounts referred to above.
B. Special provisions
1. Contents of syndicate accounts
Subject to paragraph 9, syndicate accounts shall be prepared on a cumulative basis for three underwriting years of account at a time and shell comprise a separate underwriting years of account for each such year and a balance sheet for all such years taken together. Accounts prepared after 12 and 24 months respectively shall be known as open years. The underwriting account shall be prepared by analogy with the provisions governing the prepar