{
  "url": "https://openlegislation.uk/insurance-accounts-directive-lloyds-syndicate-and-aggregate-accounts-regulations-2008/schedule-1/paragraph-18",
  "json_url": "https://openlegislation.uk/insurance-accounts-directive-lloyds-syndicate-and-aggregate-accounts-regulations-2008/schedule-1/paragraph-18.json",
  "legislation": "uksi/2008/1950",
  "legislation_title": "The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008",
  "legislation_url": "https://openlegislation.uk/insurance-accounts-directive-lloyds-syndicate-and-aggregate-accounts-regulations-2008",
  "path": "schedule/1/paragraph/18",
  "kind": "paragraph",
  "number": "18",
  "heading": "Duty of managing agent to notify appropriate audit authority",
  "text": "(1) Where the auditor of the syndicate ceases to hold office before the end of his or her term of office, the managing agent of the syndicate must notify in writing the appropriate audit authority.\n(2) The notice must—\n(a) inform the appropriate audit authority that the auditor has ceased to hold office; and\n(b) be accompanied by a statement of the reasons for the auditor's ceasing to hold office.\n(3) The managing agent must give notice under this paragraph—\n(a) if the auditor resigns, not later than the end of the period of fourteen days beginning with the date on which the auditor first informs the managing agent of his or her resignation (whether by notice or otherwise); and\n(b) in any other case, not later than the end of the period of fourteen days beginning with the date on which the auditor ceases to hold office.\n(4) If the managing agent fails to comply with this paragraph, an offence is committed by—\n(a) the managing agent; and\n(b) every director or partner of the managing agent who was in default.\n(5) A person guilty of an offence under this paragraph is liable—\n(a) on conviction on indictment, to a fine;\n(b) on summary conviction, to a fine not exceeding the statutory maximum.\n(6) In proceedings for an offence under this paragraph it is a defence for the person charged to show that he or she took all reasonable steps and exercised all due diligence to avoid the commission of the offence.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2008/1950/schedule/1/paragraph/18",
    "retrieved_at": "2026-10-29T03:26:42.220384+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}