# The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008, Paragraph 3: Annual report: business review


(1) The annual report must contain a business review.
(2) The business review must contain—
(a) a fair review of the business of the Lloyd's market; and
(b) a description of the principal risks and uncertainties facing the Lloyd's market.
(3) The review required is a balanced and comprehensive analysis of—
(a) the development and performance of the insurance business carried on by the members of Lloyd's during the financial year; and
(b) the position of the insurance business of the members of Lloyd's at the end of that year,
consistent with the size and complexity of the Lloyd's market.
(4) The review must include to the extent necessary for an understanding of the development, performance or position of the insurance business of the members of Lloyd's—
(a) analysis using financial key performance indicators; and
(b) where appropriate, analysis using other key performance indicators, including information relating to environmental matters and employee matters.
(5) In sub-paragraph (4), “key performance indicators” means factors by reference to which the development, performance or position of the insurance business of the members of Lloyd's can be measured effectively.
(6) The review must, where appropriate, include references to and additional explanations of amounts included in the aggregate accounts.
(7) Nothing in this paragraph requires the disclosure of information about impending developments or matters in the course of negotiation if the disclosure would, in the opinion of the Council of Lloyd's, be seriously prejudicial to the interests of the members of Lloyd's.

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Source: https://www.legislation.gov.uk/uksi/2008/1950/schedule/3/paragraph/3 (the official version)
Page: https://openlegislation.uk/insurance-accounts-directive-lloyds-syndicate-and-aggregate-accounts-regulations-2008/schedule-3/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.