1988 Ed.]
Insurance Companies
[CAP. 41
17
Statements of transactions of prescribed class or description
19. (1) Classes or descriptions of agreements or arrangements appearing to the Governor in Council as likely to be undesirable in the interests of policy holders may be prescribed for the purposes of this section, and every insurer which enters into an agreement or arrangement of a class or description so prescribed shall, within such period as may be prescribed, furnish the Insurance Authority with a statement containing such particulars of that agreement or arrangement as may be prescribed.
(2) Different classes or descriptions of agreements or arrangements may be prescribed for the purposes of this section in relation to insurers of different classes or descriptions.
(3) The whole or any part of any statement furnished to the Insurance Authority under this section may be deposited by him with the Registrar of Companies and may be published by the Insurance Authority in such ways as he thinks appropriate.
Deposit of accounts etc. with Insurance Authority
20. (1) Any account, balance sheet, abstract, certificate or statement of an insurer and any report of the auditor thereof required to be submitted to the Insurance Authority under section 17 or 18 shall be in legible form, and 2 copies shall be deposited with the Insurance Authority within 6 months after the close of the period to which the account, balance sheet, abstract, certificate, statement or report relates:
Provided that if in any case it is made to appear to the Insurance Authority that the circumstances are such that a longer period than 6 months should be allowed, the Insurance Authority may extend that period by such period not exceeding 3 months as he thinks fit.
(2) One of the copies of any document deposited under subsection (1) except an auditor's report shall be a copy signed—
(a) in any case—
(i) where there are more than 2 directors of the insurer, by at least 2 of those directors and, where there are not more than 2 directors, by all the directors;
(ii) by a chief executive, if any, of the insurer or (if there is no chief executive) by the secretary; and
(b) in the case of an abstract or statement referred to in section 18, by the actuary who made the investigation to which the abstract relates or by reference to which the statement was prepared.
(3) One of the copies of any auditor's report deposited under subsection (1) shall be a copy signed by the auditor.
(4) The Insurance Authority shall consider the documents deposited under subsection (1), and if any such document appears to him to be inaccurate or incomplete in any respect he may communicate with the insurer with a view to the correction of any such inaccuracies and the supply of deficiencies.
1988 Ed.]
Insurance Companies
[CAP. 41
17
Statements of transactions of prescribed class or description
19. (1) Classes or descriptions of agreements or arrangements appearing to the Governor in Council as likely to be undesirable in the interests of policy holders may be prescribed for the purposes of this section, and every insurer which enters into an agreement or arrangement of a class or description so prescribed shall, within such period as may be prescribed, furnish the Insurance Authority with a statement containing such particulars of that agreement or arrangement as may be prescribed.
(2) Different classes or descriptions of agreements or arrangements may be prescribed for the purposes of this section in relation to insurers of different classes or descriptions.
(3) The whole or any part of any statement furnished to the Insurance Authority under this section may be deposited by him with the Registrar of Companies and may be published by the Insurance Authority in such ways as he thinks appropriate.
Deposit of accounts etc. with Insurance Authority
20. (1) Any account, balance sheet, abstract, certificate or statement of an insurer and any report of the auditor thereof required to be submitted to the Insurance Authority under section 17 or 18 shall be in legible form, and 2 copies shall be deposited with the Insurance Authority within 6 months after the close of the period to which the account, balance sheet, abstract, certificate, statement or report relates:
Provided that if in any case it is made to appear to the Insurance Authority that the circumstances are such that a longer period than 6 months should be allowed, the Insurance Authority may extend that period by such period not exceeding 3 months as he thinks fit.
(2) One of the copies of any document deposited under subsection (1) except an auditor's report shall be a copy signed---
(a) in any case-
(i) where there are more than 2 directors of the insurer, by at least 2 of those directors and, where there are not more than 2 directors, by all the directors;
(ii) by a chief executive, if any, of the insurer or (if there is no chief executive) by the secretary; and
(b) in the case of an abstract or statement referred to in section 18, by the actuary who made the investigation to which the abstract relates or by reference to which the statement was prepared.
(3) One of the copies of any auditor's report deposited under subsec- tion (1) shall be a copy signed by the auditor.
(4) The Insurance Authority shall consider the documents deposited under subsection (1), and if any such document appears to him to be inaccurate or incomplete in any respect he may communicate with the insurer with a view to the correction of any such inaccuracies and the supply of deficiencies.
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