86. Maintaining of accounts and submission of returns

Every broker shall maintain accounts in such manner and in such form as may be determined by the Board by rules made in that behalf.

Every broker shall submit to the Board within six months of the expiry of the accounting period, audited accounts which shall comprise of a balance sheet, a profit and loss account and a note to such accounts, certified by a qualified auditor.

Every broker shall submit a return to the Board, stating the names of all the insurers with whom it has placed business and the percentage of the business it has so placed. A certificate to the effect that the percentage of business so placed does not exceed such limit as determined by the Board, shall be submitted to the Board annually, duly signed by two directors of such broker.

Every broker shall pay into an account to be called the “Insurance Broking Account” and maintained by it with a licenced commercial bank, all moneys received by such broker in connection with a contract of insurance.

If it appears to the Board that any account, statement or return furnished by a broker is inaccurate or incomplete in any respect, it may—