Accounts and statement of Service Company
13.—(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
[S 665/2010 wef 04/11/2010]
(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.
[S 814/2004 wef 01/01/2005]
(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.
(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 2 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 4 in the Fifth Schedule.
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(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 5 and 6 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.