s.9Returns required of insurer
9
Section 9Part 3 — OBLIGATIONS OF LICENSEES

Returns required of insurer

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

An insurer shall, except as otherwise approved by the Authority in writing and subject to subsection (3), submit to the Authority by way of annual return, within six months of the end of its financial year —
audited financial statements prepared in accordance with internationally recognised accounting standards by an independent auditor approved by the Authority, together with a copy of any prescribed management letter issued by the auditor;
an actuarial valuation of its assets and liabilities including loss and loss expense provisions, certified by an actuary approved by the Authority;
certification of solvency prepared by a person approved by the Authority in accordance with the prescribed requirements;
written confirmation that the information set out in the application for the licence, as modified by any subsequent changes approved by the Authority, remains correct; and
such other information as may be prescribed.
A class A insurer shall, except as otherwise approved in writing by the Authority, submit in the return under subsection (1), a list of insurance agents and insurance brokers who have the class A insurer’s authority to solicit domestic business on its behalf, and confirmation that the class A insurer is satisfied that the agents are fit and proper persons and have complied with the applicable requirements under this Law.
The following exemptions apply to the requirements of subsection (1) —
a class C insurer or a class B insurer that does not write long term business is not required to make submissions under subsection (1)(b) or (c); and
the Authority may in writing exempt other classes of insurer from the requirement under subsection (1)(b) where it considers it appropriate, based on the nature, scale or scope of the insurance business involved.
The audited financial statements and actuarial valuation referred to in subsection (1)(a) and (b) shall disclose the standards applied and —
a class A insurer or class D insurer shall publish its audited financial statements at a time no later than the time that it submits them to the Authority; and
a class B(iii) insurer shall make its audited financial statements available to insured persons, third party beneficiaries, and such other persons as may be prescribed, on request.

Referenced By