Annual accounts

(1) In this section, the expression “annual accounts” means– (a) the revenue or fund account for the year; and 22 (b) the profit and loss account for the year or, in the case of a registered insurer not trading for profit, income and expenditure account for the year; and (c) the balance sheet as at the end of the year in such form (being a form calculated to enable comparisons to be made between the registered insurer’s business for the year in respect of which the statements are prepared and the registered insurer’s business for the year immediately preceding that year), and shall contain such information as may be prescribed. (2) A copy of the registered insurer’s audited annual accounts, signed by two directors, shall be submitted to the Supervisor within twenty-one days after the date of the meeting at which the accounts were approved by the board of directors, and in any event not later than three months after the close of the financial year to which they relate. (3) Such statements, reports, certificates and information as may be required by regulations made under this Act, or required by any other enactment to be annexed or attached to the annual accounts for any purpose, shall be produced to the Supervisor at the same time as the annual accounts are submitted. (4) For the purpose of this section, an audit shall be carried out by an independent auditor approved for that purpose by the (5) Any registered insurer who wilfully fails to comply with sub-sections (2) and (3) commits an offence against this Act. (6) If an insurer deposits with the Supervisor a written undertaking satisfactory to him that it will not engage in any business other than the re-insurance of risks covered by one or more named insurers acceptable to the Supervisor, the 23 Supervisor may by writing under his hand exempt the insurer from the whole or any part of the provisions of this section or section 6 subject to such conditions, if any, as the Supervisor may think fit to impose. (7) The Minister may make regulations providing for the manner and form in which registered insurers shall keep and maintain annual accounts, and providing for the auditing of such