Preparation of annual accounts, etc

(1) Subject to sub-section (3), a company shall, within four months of the end of each financial year, or within such extended period not exceeding two months as the Supervisor may allow in writing, submit to the Supervisor two copies ofetc. (a) a balance sheet and a statement of cash flow prepared in accordance with International Accounting Standards showing the financial position of all insurance business of the company at the close of that year; (b) a profit and loss account in respect of all insurance business in that year; (c) separate revenue accounts in respect of each class of insurance business carried on by it; (d) an analysis of long-term insurance policies in force at the end of that year; (e) a certificate that the assets of its insurance business are in the aggregate at least of the value shown in the balance sheet; (f) in the case of a company carrying on general insurance business a certificate signed by its independent auditor that the company is solvent in accordance with section 50; and (g) such other documents and information as may be required by the Supervisor. (2) A company shall furnish the Supervisor with a copy of any report on the affairs of the insurer submitted to the policyholders or shareholders of the insurer in respect of the financial year to which those documents relate. (3) All documents required to be furnished under sub- section (1) shall be signed by two directors and separately 79 provide information on the worldwide business of the company as well as the business in Belize, and such documents shall be prepared in such form as may be prescribed. (4) A company incorporated outside of Belize carrying on business in Belize shall submit to the Supervisor a copy of the statement of accounts submitted to the regulatory authority in the country of its incorporation. (5) Where, in the opinion of the Supervisor, a document furnished by a company under sub-section (1) is incorrect or incomplete or is not prepared in accordance with this Act, he may, by notice in writing call upon the company to amend the document or to furnish a correct document, as the case may be. (6) If a document has been rejected by the Supervisor under sub-section (5), the company shall be treated as having failed to comply with sub-section(1) in relation to that document, unless it has furnished within the time specified another document in accordance with the directions of the Supervisor. (7) A company which fails to submit any account, statement or other document required under this section, shall pay a penalty of one hundred dollars for every day that the account, financial statement or other document remains not submitted after the due date or the date extended by the Supervisor, and such penalty shall be payable by the company on such date as may be fixed by the Supervisor and if not paid the company commits an offence and, in addition, is liable on summary conviction to a fine of twenty thousand dollars together with any penalty incurred for not submitting the statements or other documents on the due date or on the date extended by the (8) If, after amendment to any document submitted to him, the Supervisor is not satisfied with the information submitted, the Supervisor may, at the company’s expense, appoint another independent auditor to conduct an audit of that information or 80 of that company’s accounts with a view to establishing the accuracy of such information. (9) A company shall, at the request of a policyholder make available to that policyholder a copy of the profit and loss account and balance sheet prepared by the company under sub- section (1) in respect of its last financial year. (10) The documents required to be furnished under sub- section (1) shall be certified by an independent auditor, the secretary or the principal representative, and a director of the (11) In addition, where a company is carrying on long-term insurance business, every balance sheet which it is required to prepare under sub-section (1) shall bear a certificate signed by its actuary or the consulting actuary stating whether or not, in his opinion, the aggregate amount of the liabilities of the company in relation to its long-term insurance business at the end of its financial year exceeded the aggregate amount of the liabilities shown in the balance sheet of the company. (12) Nothing in this Act shall prevent the Supervisor in any event from conducting or authorising the carrying out periodically of on-site inspections of the insurance company’s (13) An insurance company is required to submit a quarterly unaudited financial statement 30 days after the end of each quarter to the Supervisor of Insurance. Periodical