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Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 [SI 2008 No. 1950]Introductory TextPart 1 General (regs. 1-4)Regulation 1 Citation, commencement and applicationRegulation 2 InterpretationRegulation 3 Senior Statutory AuditorRegulation 4 Summary proceedingsPart 2 Syndicate Accounts (regs. 5-17)Regulation 5 Preparation of syndicate's annual accountsRegulation 6 Preparation of syndicate underwriting year accountsRegulation 7 Approval and signing of accountsRegulation 8 Accounts to be sent to syndicate members, the Council of Lloyd's and the AuthorityRegulation 9 Publication of syndicate accounts and reportsRegulation 10 Auditor's reportRegulation 11 Duties of auditorsRegulation 12 Signature of auditor's reportRegulation 13 Names to be stated in copies of auditor's report published or filedRegulation 14 Circumstances in which names may be omittedRegulation 15 Requirements in connection with publication of statutory accountsRegulation 16 Delivery and publication of accounts in eurosRegulation 17 Penalties for non-compliancePart 3 Aggregate Accounts (regs. 18-28)Regulation 18 Preparation of aggregate accounts by Council of Lloyd'sRegulation 19 Approval and signing of aggregate accountsRegulation 20 Preparation of annual report by the Council of Lloyd'sRegulation 21 Approval and signing of annual reportRegulation 22 Auditor's reportRegulation 23 Signature of auditor's reportRegulation 24 Names to be stated in copies of auditor's report published or filedRegulation 25 Circumstances in which names may be omittedRegulation 26 Duties of auditorsRegulation 27 Aggregate accounts and annual report of Council to be delivered to the Authority and publishedRegulation 28 Penalties for non-compliancePart 4 Regulation by the Authority (reg. 29)Regulation 29 Functions of the AuthorityPart 5 Revocation and consequential provision (regs. 30-32)Regulation 30 RevocationRegulation 31 Consequential amendmentRegulation 32 ReviewSchedule 1 Syndicate AccountsSchedule 1, Part 1 General Provisions (paras. 1-7)Schedule 1, Part 2 Managing Agent's Report (paras. 8-12)Schedule 1, Part 3 Auditors (paras. 13-18)Schedule 2 Auditor's RemuderationSchedule 3 Provisions Applying to Aggregate AccountsSchedule 3, Part 1 General Provisions and Annual Report (paras. 1-4)Schedule 3, Part 2 Auditors (paras. 5-10)SignatureExplanatory NoteExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 15 August 2008 - onwards
Version 2 of 2

Regulation 29 Functions of the Authority

(1) The Authority has responsibility for administering the system of regulation of Lloyd's syndicates and the Council of Lloyd's provided for by these Regulations.

(2) Proceedings for an offence under these Regulations may be instituted only -

(a) by the Authority or the Secretary of State; or

(b) by or with the consent of the Director of Public Prosecutions.

(3) In exercising its power to institute proceedings for an offence under these Regulations, the Authority must comply with any conditions or restrictions imposed in writing by the Treasury.

(4) The Authority may increase any fee which it charges managing agents under the Financial Services and Markets Act 2000 [2000 c.8.] to take account of the expenses incurred in carrying out its functions under these Regulations.

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