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Treasury publishes directive proposals

The UK Treasury has published its proposals for implementing the Insurance Undertakings – Annual and Consolidated Accounts Directive, which will make changes to Lloyd’s accounting regime.

The main implications of the directive are that:

Managing agents will continue to be responsible for preparing syndicate accounts but will now have civil and criminal liability for their preparation.
The syndicate accounts must give a true and fair view of the syndicate’s financial position and profit or loss and have an auditor’s opinion expressing this.
The accounts will annually recognise a profit or a loss.
Accounts will be filed with the FSA as supervising authority.
The Directive will come into force on 31 December 2004.

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