LLD 15.10 The Lloyd's global account
The Society must prepare a global account in respect of each financial year that amalgamates all syndicate accounts for that year.
The global account must be prepared and submitted to the FSA within six months of the end of the financial year and state that it is prepared in compliance with regulation 4 of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993 (SI 1993/3245).2
The notes to the global account must include details of:
- (1)
inter-syndicate insurance business, including premiums received or receivable and claims paid;
- (2)
the method by which run-off claims are taken into account;
- (3)
the method by which the premium income limits of members are calculated; and
- (4)
the bases and methods used in the calculation of technical provisions for long-term insurance business.
The notes to the global account must state:
- (1)
the aggregate amount of members' qualifying assets and how that is divided between:
- (2)
the aggregate amount of the central assets and how that is divided between:
- (a)
the net assets of the Central Fund; and
- (b)
other net central assets;
- (a)
- (3)
the reason why any charges to tax are not shown in the accounts and the basic rate of tax applicable to amounts of tax deducted at source; and
- (4)
the estimated average rates of commission and brokerage charged by brokers.
The copy of the accounts referred to in LLD 15.10.5 R must be submitted in accordance with SUP 16.3.7 R to SUP 16.3.10 G (see SUP 16.3.6 R).1