8. Regulation 13 of the principal Regulations is amended —
(a)
by deleting paragraphs (1) and (2) and substituting the following paragraphs:
“(1) Every Service Company shall prepare, for each syndicate for which it acts as an agent or, where it acts as an agent for more than one syndicate, those syndicates on a consolidated basis with the approval of the Authority —
(a)
for each accounting period and subject to such modifications or variations as may be agreed to by the Authority, the statements of accounts and other statements for each insurance fund established and maintained under regulation 11 (1) in Forms 1, 2 and 3 in the Fifth Schedule;
(b)
for each accounting period and subject to such modifications or variations as may be agreed to by the Authority, the statements of accounts for each insurance fund established and maintained under regulation 11 (1) in Form 3 (excluding the Notes) in the Fifth Schedule; and
(c)
for each quarter and subject to such modifications or variations as may be agreed to by the Authority, the statements of accounts for each insurance fund established and maintained under regulation 11 (1) in Forms 1, 2 and 3 (excluding the Notes and Annexes) in the Fifth Schedule.
(2) Every Service Company shall have the accounts of each insurance fund audited for each accounting period for which statements of accounts and other statements are prepared in accordance with paragraph (1)(a), and may exclude the Annexes to such statements from the audit.
(2A) In any document which a Service Company is required to prepare in accordance with these Regulations in relation to a syndicate, the value or amount given for an asset or a liability relating to the business of the syndicate written by the Service Company shall be the value or amount of that asset or liability, as the case may be, as determined in accordance with regulations 13A to 13M.”;
(b)
by deleting the words “the directors” in paragraph (3) and substituting the words “2 directors”;
(c)
by deleting the words “Form 1” in paragraph (4) and substituting the words “Form 4”; and
(d)
by deleting the words “Forms 2 and 3” in paragraph (5) and substituting the words “Forms 5 and 6”.