Regulation 9 Apportionments of syndicate’s profit or loss

Where a determination of a syndicate’s profit or loss for an underwriting year is made, amended or corrected (whether under the foregoing provisions of these Regulations or on appeal), the officer may, by notice in writing to the syndicate’s managing agent, require him to make to the officer, within the specified period, a return apportioning, between the members of the syndicate, the syndicate’s profit or loss as stated in the determination as so made, amended or corrected.

If a syndicate’s managing agent, having been required by a notice under paragraph (1) to deliver a return within the specified period, fails to deliver the return within that period, he shall be liable to a penalty equal to the prescribed amount multiplied by the number of days on which the failure continues.

In paragraph (2) “the prescribed amount” means £5 for each fifty members of the syndicate (counting any number of members less than fifty, and any number left over, as fifty).

In this regulation “the specified period” means such period, not being less than thirty days and beginning with the day following the date of the notice under paragraph (1), as may be specified in that notice.