# The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008, Paragraph 2

Extent: E+W+S+N.I.

(1) There must be disclosed in a note to a syndicate's annual accounts and to the aggregate accounts—
(a) the amount of any remuneration receivable by the auditor for the auditing of the syndicate's annual accounts, or the aggregate accounts, as the case may be; and
(b) the amount of any remuneration receivable in respect of the financial year by—
(i) the auditor; or
(ii) any person who was, at any time during that financial year, an associate of the auditor,
for the supply of other services to the syndicate or to the managing agent of the syndicate (in the case of the syndicate's annual accounts), or to the Society or the Council of Lloyd's (in the case of the aggregate accounts).
(2) Where the remuneration includes benefits in kind, the nature and estimated money-value of those benefits must also be disclosed in a note.
(3) Separate disclosure is required in respect of the auditing of the accounts in question and of each type of service specified in paragraph 3, but not in respect of each service falling within a type of service.
(4) Separate disclosure is required in respect of services supplied to—
(a) the syndicate or the Society or the Council of Lloyd's; and
(b) associated pension schemes.
(5) Where more than one person has been appointed as auditor in respect of the financial year, separate disclosure is required in respect of the remuneration of each such person and his associates.
(6) Disclosure is not required of remuneration receivable for the supply of services falling within paragraph 3(1)(h) supplied by a distant associate of the auditor where the total remuneration receivable for all those services supplied by that associate does not exceed either—
(a) £10,000; or
(b) 1% of the total audit remuneration received by the auditor in the most recent financial year of the auditor which ended no later than the end of the financial year of the syndicate or syndicates to which the syndicate accounts or aggregate accounts relate.
(7) In this paragraph—
“associate” and “direct associate” have the meaning given by paragraph 4;
“financial year of the auditor” means—
(a)the period of not more than 18 months in respect of which the auditor's profit and loss account is required to be made up (whether by law or in accordance with the auditor's constitution (if any)); or
(b)failing any such requirement, the period of 12 months beginning with 1st April;
“remuneration” includes payments in respect of expenses and benefits in kind.
“total audit remuneration received” means the total remuneration received for the auditing pursuant to legislation (including that of countries and territories outside the United Kingdom) of any accounts of any person.

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Source: https://www.legislation.gov.uk/uksi/2008/1950/schedule/2/paragraph/2 (the official version)
Page: https://openlegislation.uk/insurance-accounts-directive-lloyds-syndicate-and-aggregate-accounts-regulations-2008/schedule-2/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.