{
  "url": "https://openlegislation.uk/insurance-accounts-directive-miscellaneous-insurance-undertakings-amendment-regulations-northern-ireland-2006/note",
  "json_url": "https://openlegislation.uk/insurance-accounts-directive-miscellaneous-insurance-undertakings-amendment-regulations-northern-ireland-2006/note.json",
  "legislation": "nisr/2006/353",
  "legislation_title": "The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) (Amendment) Regulations (Northern Ireland) 2006",
  "legislation_url": "https://openlegislation.uk/insurance-accounts-directive-miscellaneous-insurance-undertakings-amendment-regulations-northern-ireland-2006",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations (Northern Ireland) 1994 (S.R. 1994 No. 429) (“the 1994 Regulations”). The 1994 Regulations implemented Council Directive 91/674/EEC of 19th December 1991 on the annual and consolidated accounts of insurance undertakings (Official Journal No. L 374/7 of 31st December 1991) in so far as it applies to bodies corporate or unincorporate other than (a) bodies corporate to which Part VIII of the Companies (Northern Ireland) Order 1986 (“the 1986 Order”) applies and (b) friendly societies.\nRegulation 3 of the 1994 Regulations requires the directors of those insurance undertakings defined as “qualifying bodies” in regulation 2 of the 1994 Regulations to prepare accounts and a directors’ report, and to obtain an auditors’ report, on such accounts, in accordance with the provisions of Part VIII of the 1986 Order which are specified in paragraph (3) of that regulation and are applicable to insurance companies and groups. Regulation 7 of, and the Schedule to, the 1994 Regulations make certain modifications of legislation applicable to industrial and provident societies which prepare accounts under the 1994 Regulations.\nPart VIII of the 1986 Order has been amended by the Companies (1986 Order) (International Accounting Standards and Other Accounting Amendments) Regulations (Northern Ireland) 2004 (S.R. 2004 No. 496) and by the Companies (1986 Order) (Operating and Financial Review and Directors’ Report etc.) Regulations (Northern Ireland) 2005 (S.R. 2005 No. 61) in order to—\nensure the effective application of, and implement Member State options in, EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards (Official Journal No. L243/1 of 11th September 2002) (“the IAS Regulation”);\nimplement Directive 2003/51/EC of the European Parliament and of the Council of 18th June 2003 amending Directives 78/660/EEC, 83/349/EEC, 86/635/EEC and 91/674/EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings (Official Journal No. L 178/16 of 17th July 2003 (“the Accounts Modernisation Directive”).\nThese Regulations amend the 1994 Regulations in order to ensure the full application to insurance undertakings of the IAS Regulation and Accounts Modernisation Directive and consequentially on amendments to primary legislation applied by the 1994 Regulations.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2006/353/note",
    "retrieved_at": "2026-10-29T01:45:26.413806+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."
}