56
CAP. 41]
Insurance Companies
[1988 Ed.
(iii) the name of the director or controller (if not a party to the contract); (iv) an indication of the nature and value of the contract; and
(v) an indication of the nature and value of the director's or controller's interest in the contract;
(k) state the amounts of any property transferred, payments made (whether for services or otherwise), loans advanced to or obligations assumed during the financial year by or for a director or controller of the insurer or his nominees or associates (within the meaning of section 9 of this Ordinance);
(l) if, at the end of the financial year, there subsist arrangements to which the insurer or the insurer's subsidiary or holding company or a subsidiary of the insurer's holding company is a party, being arrangements whose objects are, or one of whose objects is, to enable directors or controllers of the insurer to acquire benefits by means of the acquisition of shares in, or debentures of, the insurer or any other body corporate, or there have, at any time in that year, subsisted such arrangements as aforesaid to which the insurer was a party, contain a statement explaining the effect of the arrangements and giving the names of the persons who at any time in that year were directors or controllers of the insurer and held, or whose nominees held, shares or debentures acquired in pursuance of the arrangements;
(m) if, at the end of the financial year, the insurer, or the insurer together with any associate (within the meaning of section 9 of this Ordinance) or through a nominee is entitled to exercise or control the exercise of one third or more of the voting power of any body corporate, state the name of the body corporate, the country of its incorporation, its principal business activity, the number of shares so held and the number issued, the amounts owing to the body corporate by the insurer and owing to the insurer by the body corporate at the end of the financial year;
(n) state whether the insurer has, in the financial year, carried on insurance business (other than reinsurance business) relating to liabilities or risks in respect of which persons are required by any Ordinance to be insured;
(o) contain a summary of the material reinsurance arrangements effected by the insurer; and (p) contain particulars of any other matters, including events after the date of the balance sheet, so far as they are material for the appreciation of the state of the insurer's affairs.
PART 3: ADDITIONAL PROVISIONS RELATING TO AN INSURER WHICH IS A HOLDING COMPANY
10. This Part shall apply to an insurer which is a holding company, whether or not it is itself a subsidiary of another body corporate.
11. The consolidated balance sheet and profit and loss account shall combine the information contained in the separate balance sheets and profit and loss accounts of the holding company and of the subsidiaries dealt with by the consolidated accounts, but with such adjustments as the circumstances justify.
12. Where any of the subsidiaries is an insurer, the consolidated revenue account shall combine the information in the separate revenue accounts of the holding company and of the subsidiary, with such adjustments as the circumstances justify.
13. Subject as aforesaid, the consolidated accounts shall, in giving the said information, comply so far as practicable with the requirements of this Schedule as if they were the accounts of an insurer.
PART 4: GENERAL PROVISIONS RELATING TO BALANCE SHEET
14. The authorized share capital, issued share capital, assets and liabilities shall be summarized in the balance sheet, with such particulars as are necessary to disclose the general nature of the assets and liabilities, and there shall be specified-
(a) any part of the issued share capital that consists of redeemable preference shares, the earliest and latest dates on which the insurer has power to redeem those shares, whether those shares must be redeemed in any event or are liable to be redeemed at the option of the insurer and whether any (and, if so, what) premium is payable on redemption;
(b) so far as the information is not given in the profit and loss account under Part 5 of this Schedule, any share capital on which interest has been paid during the financial year, and the rate of interest;
(c) the amount of the share premium accounts; and
(d) particulars of any redeemed debentures which the company has power to reissue.
15. There shall be stated under separate headings, so far as they are not written off-