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6[11. Accounts and balance-sheet.-

(1) Every insurer, on or after the date of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), in respect of insurance business transacted by him and in respect of his shareholders' funds, shall, at the expiration of each financial year, prepare with reference to that year, balance sheet, a profit and loss account, a separate account of receipts and payments, a revenue account in accordance with the regulations as may be specified.

(2) Every insurer shall keep separate accounts relating to funds of shareholders and policyholders.

(3) Unless the insurer is a company as defined in clause (20) of section 2 of the Companies Act, 2013 (18 of 2013), the accounts and statements referred to in sub-section (1) shall be signed by the insurer, or in the case of a company by the chairman, if any, and two directors and the principal officer of the company, or in case of an insurance cooperative society by the person in charge of the society and shall be accompanied by a statement containing the names, descriptions and occupations of, and the directorships held by, the persons in charge of the management of the business during the period to which such accounts and statements refer and by a report on the affairs of the business during that period.]

1. Subs. by Act 41of 1999, s. 30 and The First Schedule, for "Controller" (w.e.f. 19-4-2000).

2. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).

3. Ins. by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).

4. The words "save as provided in section 49" omitted by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).

5. Subs. by s. 8, ibid., for "other than those of life insurance" (w.e.f. 8-4-1941).

6. Subs. by Act 5 of 2015, s. 16, for section 11 (w.e.f. 26-12-2014).

Insurance Act, 1938 Back

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