As enacted

Contents

Regulation of Insurance Industry Act 2000 · As enacted · Part V · Accounts, Inspection and Investigation

47. Audit of accounts of an insurer

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

An insurer shall prepare and maintain its accounts in such form and manner as may be determined by the Board by rules made in that behalf.

(2)

Every insurer shall have its annual accounts audited by an auditor selected from and out of a list of approved auditors that shall be issued by the Board, and shall submit a copy of such audited accounts to the Board within such period after the close of the financial year as the Board may determine. The auditor shall state in his report whether the accounting records of the insurer have been maintained in the manner required by the rules made by the Board in that behalf, so as to clearly indicate the true and fair view of the financial position of the insurer.

(3)

The Board may on receipt of the auditor’s report call upon the auditor to submit —

(a)

information regarding the format and contents of the audited accounts ; and

(b)

any other additional information relating to the audit as the Board may consider necessary.

Read on from s 48

Part VI