APPENDIX 9.8 (rule 9.36A) MARINE MUTUALS: ITEMS TO BE DISREGARDED, DIRECTORS’ CERTIFICATES AND AUDITORS REPORTS Part 1 Items to be disregarded 1. In completing the Forms required under rule 9.36A, a marine mutual must disregard reinsurance arrangements with any relevant company and must treat income and expenditure and assets and liabilities of any relevant company as, respectively, income and expenditure and assets and liabilities of the marine mutual. Completion of Forms 1A. Where ‘source’ appears at the head of a column on a Form, the information to be included in the preceding columns of a particular line is to be taken from those items in the return to which reference is made on that line in the column headed ‘source’. No entries are to be made in the column headed ‘source’.
Part II Directors’ certificates 2. Subject to 4, every return provided by a marine mutual under rule 9.36A must include a certificate signed by the persons required by rule 9.33 to sign the documents to which the certificate relates – (a) confirming that – (i) (ii) the return has been prepared in accordance with the requirements in IPRU(INS), GENPRU and INSPRU, the directors are satisfied that throughout the financial year in question, the marine mutual has complied in all material respects with the requirements in SYSC and PRIN as well as the provisions of IPRU(INS), GENPRU and INSPRU and that it is reasonable to believe that the marine mutual has continued so to comply subsequently, and will continue so to comply in future, each member of the marine mutual which is subject to them has accepted those parts of the marine mutual’s rules which oblige members to pay their share of any supplementary calls for the year and of calls to meet the minimum capital requirement 233
(iii)
(including any sum needed to make good failure by other members to pay calls made on them), and
(iv)
the marine mutual is empowered to make supplementary calls on its members which, if met, would produce sufficient assets to meet the minimum capital requirement; and
(b)
giving information about the number of – (i) (ii) (iii) members of the marine mutual which are not reinsured members, fixed premium members (on which supplementary calls may not be made), reinsured members (that is, members whose contract of insurance with the marine mutual is a contract of reinsurance), and the tonnage of shipping attributable to each of the above classes of members, taken separately, and covered by the marine mutual at the end of the financial year in question.
(iv)
3. 4. (1)
[deleted] Where, in the opinion of the directors, the circumstances are such that any of the matters specified in 2 cannot be confirmed or provided, the relevant statements or information must be omitted. Where any statements or information have been omitted from the certificate in accordance with (1), this fact, and the reasons for omission, must be explained in a note to the certificate.
(2)
Part III Auditor’s reports 5. Every marine mutual must procure an auditor’s report, pursuant to SUP, stating whether, in the auditors’ opinion – (a) the Forms, information and statements required (except for the directors' certificate prepared in accordance with Part II of this Appendix) have been properly prepared in accordance with the Accounts and Statements Rules; and
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(b)
where the auditors refer in their report or in any note to any uncertainty, that uncertainty is material to determining whether the marine mutual has available assets in excess of its capital resources requirement. Forms M1 to M5 follow _____________________
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