Comparison View

Formal Consolidation |  2004 RevEd
Accounts and statement of Service Company
13.—(1)  Every Service Company shall —
(a)prepare, for each accounting period and subject to such modifications or variations as may be agreed to by the Authority, the statements of accounts in Forms 1, 6 and 7 in the First Schedule to the Insurance (Accounts and Statements) Regulations (Rg 2) for —
(i)each syndicate for which it acts as a Service Company; or
(ii)where it acts as a Service Company for more than one syndicate, those syndicates on a consolidated basis with the approval of the Authority; and
(b)have its accounts audited for each accounting period for which statements of accounts are prepared in accordance with sub-paragraph (a).
(2)  In the statements of accounts prepared by a Service Company under paragraph (1), the value or amount given for an asset or a liability of each syndicate for which the Service Company acts shall be the value or amount of that asset or liability as determined in accordance with regulations 5 to 16, 20 and 21 of the Insurance Regulations (Rg 1).
(3)  A Service Company shall prepare 3 copies of the statements of accounts required under paragraph (1)(a), at least one of which shall be signed by the directors of the Service Company and by or on behalf of the chief executive officer of the Service Company.
[S 814/2004 wef 01/01/2005]
(4)  The persons signing any balance-sheet under paragraph (1)(a) shall prepare a certificate in Form 1 in the Fifth Schedule.
[S 814/2004 wef 01/01/2005]
(5)  The auditor of the statements of accounts prepared under paragraph (1)(a) shall enclose, with the statements of accounts, a report stating his opinion of the statements of accounts and a supplementary report in Forms 2 and 3 in the Fifth Schedule, respectively.
[S 814/2004 wef 01/01/2005]
[S 665/2010 wef 04/11/2010]
(6)  Every Service Company shall, within such reasonable time as may be specified by the administrator in order for the administrator to comply with regulation 21, provide the administrator with —
(a)the statements of accounts and other documents prepared in accordance with paragraphs (1) to (5); and
(b)information on any matter related to its activities as agent for any member of Lloyd’s under these Regulations, as the administrator may require.
Informal Consolidation | Amended S 180/2015
Accounts and statement of Service Company
13.—(1)  Every Service Company must prepare all the items referred to in paragraph (1B), subject to such modifications as may be agreed with the Authority, for each syndicate for whose members the Service Company is approved under regulation 6A(1) to enter into any contract of insurance.
[S 180/2015 wef 01/04/2015]
(1A)  Despite paragraph (1), the Service Company may, with the Authority’s approval, prepare the items referred to in paragraph (1B) for all the syndicates for whose members the Service Company is approved under regulation 6A(1) to enter into any contract of insurance, on a consolidated basis.
[S 180/2015 wef 01/04/2015]
(1B)  For the purposes of paragraphs (1) and (1A), the items are —
(a)the statements of accounts and other statements for each insurance fund established and maintained under regulation 11(1) in Forms 1, 2 and 3 of the Fifth Schedule, for each accounting period;
(b)the statements of accounts for each insurance fund established and maintained under regulation 11(1) in Forms 3 (excluding the Notes) and 4 of the Fifth Schedule, for each accounting period; and
(c)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) of the Fifth Schedule, for each quarter.
[S 180/2015 wef 01/04/2015]
(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.
[S 814/2004 wef 01/01/2005]
(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 and by any coverholder authorised by the Service Company, on behalf of the members of the syndicate, 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.
[S 814/2004 wef 01/01/2005]
[S 180/2015 wef 01/04/2015]
(3)  A Service Company shall, in respect of documents prepared under paragraph (1)(a), lodge a certificate in Form 5 in the Fifth Schedule, which shall be signed by 2 directors of the Service Company and by or on behalf of the chief executive officer of the Service Company.
[S 665/2010 wef 04/11/2010]
(4)  [Deleted by S 665/2010 wef 04/11/2010]
(5)  The auditor of the statements of accounts prepared under paragraph (1)(a) shall enclose, with the statements of accounts, a report stating his opinion of the statements of accounts and a supplementary report in Forms 6 and 7 in the Fifth Schedule, respectively.
[S 665/2010 wef 04/11/2010]
(6)  Every Service Company shall, within such reasonable time as may be specified by the administrator in order for the administrator to comply with regulation 21, provide the administrator with —
(a)the statements of accounts and other documents prepared in accordance with paragraphs (1) to (5); and
(b)information on any matter related to its activities as agent for any member of Lloyd’s under these Regulations, as the administrator may require.