16
CAP. 41]
Insurance Companies
[1988 Ed.
(4) Any books of account required to be kept by this section shall be preserved by the insurer for 7 years from the end of the financial year to which the last entry made or matter recorded therein relates.
Submission of financial information
17. (1) Every insurer shall, in accordance with section 20, submit to the Insurance Authority accounts, statements and other information as required by the Third Schedule, and the information so submitted shall be in accordance with any applicable valuation regulations.
(2) The Insurance Authority may, at the request in writing of an insurer, modify or vary any of the requirements of the Third Schedule in relation to that insurer in such respects and for such period as the Insurance Authority and the insurer may agree; and during any period when any such modification or variation is in force, the reference in subsection (1) to the Third Schedule shall, as respects that insurer, be construed as a reference to that Schedule as so modified or varied.
(3) Where under subsection (2) the Insurance Authority modifies or varies any of the requirements of the Third Schedule in relation to an insurer, he shall, as soon as practicable, publish a notice in the Gazette stating the name of the insurer and the fact that that Schedule has been modified or varied under subsection (2) in relation to that insurer.
Periodic actuarial investigation of insurer with long term business
18. (1) Any insurer which carries on long term business-
12 month
(a) shall, once in every 2 years or at such shorter intervals as the Insurance Authority may require, cause an investigation to be made into its financial condition in respect of that business, including a valuation of its liabilities in respect thereof, by the person who for the time being is its actuary under section 15(1); and
an investigation into the financial condition of the insurer in respect of its long term business has been made with a view to the distribution of profits, or the results of which are made public, shall cause an abstract of the actuary's report of the investigation to be made in the form specified in the Third Schedule and shall submit such abstract to the Insurance Authority in accordance with section 20.
fofim 8.4 (6) when such an investigation has been made, or when at any other time
(2) Where under subsection (1) an insurer causes an abstract to be made of the report of an actuary on his investigation into the financial condition of the insurer in respect of its long term business, the insurer shall prepare a statement containing the information specified in the Third Schedule in respect of its long term business at the date to which the accounts of the insurer are made up for the purposes of the investigation and shall submit such statement to the Insurance Authority in accordance with section 20.
(3) For the purposes of any investigation to which this section applies the value of any assets and the amount of any liabilities shall be determined in accordance with any applicable valuation regulations.