The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993

UK Statutory Instrument 1993 No. 3245 — creates 3 criminal offences.

3offences created

0recorded in force

3revoked

Made: 18 December 1993
In force from: 19 December 1993
Extent: Not stated
Subject: Corporate, financial services, company law, employment, charity, electoral and tax
Made under: European Communities Act 1972

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations implement Council Directive 91/674/EEC Official Journal No. L374 of 31.12.91 pages 7 to 31 on the annual accounts and consolidated accounts of insurance undertakings, in so far as that Directive is applicable to bodies corporate or unincorporate other than (a) bodies corporate to which Part VII of the Companies Act 1985 (“the 1985 Act”) applies and (b) friendly societies (the Companies Act 1985 (Insurance Companies Accounts) Regulations 1993 (S.I. 1993/3246) implement Directive 91/674/EEC in respect of bodies corporate to which Part VII of the 1985 Act applies). The Regulations also implement the Directive in so far as it is applicable to the Council of Lloyd's. Separate regulations will deal with friendly societies. The directors of qualifying bodies for the purposes of the Regulations are required by regulation 3 to prepare accounts and a directors' report, and to obtain an auditors' report on such accounts, in accordance with the provisions of Part VII of the 1985 Act which are specified in paragraph (3) and are applicable to insurance companies and groups. The Council of Lloyd’s is required by regulation 4 to prepare an account complying with the requirements of paragraphs (3) and (4) by amalgamating the accounts of syndicates in which members of Lloyd’s participate. Regulation 5 requires the documents prepared under regulations 3 and 4 to be made available for inspection without charge at the relevant body’s head office in Great Britain. Regulation 6 imposes criminal penalties for failure to comply with the Regulations. Regulation 7 of, and the Schedule to, the Regulations make certain modifications of legislation applicable to industrial and provident societies which prepare accounts under the Regulations. Regulation 8 permits the directors of a qualifying body not to prepare accounts and a directors' report (and obtain an auditors' report on the accounts) under the Regulations for financial years commencing before 23rd December 1994. This transitional provision mirrors the transitional provision in the Companies Act 1985 (Insurance Companies Accounts) Regulations 1993.

Offences created by this instrument

Penalties for non-compliance regulation 6(1) · Revoked · Strict liability
Penalties for non-compliance regulation 6(2) · Revoked · Strict liability
Penalties for non-compliance regulation 6(3) · Revoked · Strict liability

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

Insurance Companies (Accounts) Commons · Commons Chamber · 30 November 1993
That the draft Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993 be referred to a Standing Committee on Statutory Instruments, &c.— [Mr. Patnick.]
Insurance Accounts Directive Commons · Commons Chamber · 14 December 1993
That the draft Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993, which were laid before this House on 23rd November, be approved.— [Mr. Wood.]
Companies Act 1985 (Insurance Companies Accounts) Regulations 1993 Lords · Lords Chamber · 16 December 1993
The noble Viscount said: My Lords, I beg to move the first Motion standing in my name on the Order Paper and it may be for the convenience of the House if I speak also to the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993.
Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993 Lords · Lords Chamber · 16 December 1993

How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

Check the source

This instrument on legislation.gov.uk The authoritative text, including amendments made since
Other instruments from 1993