Consultations & legislation
06 August 2004
The Treasury is publishing for consultation proposals for the implementation of the Modernisation of Accounts Directive 2003/51/EC for Lloyd’s of London.
Lloyd’s syndicate accounts will no longer be prepared on a cumulative basis for three underwriting years at a time but will be required to be prepared on an annual accounting basis in line with all other insurance undertakings in accordance with the provisions of the Insurance Undertakings - Annual and Consolidated Accounts Directive 1991/674/EEC.