1964_INSURANCE_COMPANIES_ORDINANCE — Page 61

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CAP. 41]

(iii) linked long term business;

(iv) permanent health business;

(v) tontines;

Insurance Companies

[1988 Ed.

(vi) capital redemption business:

Provided that if the appointed auditor certifies that the effect of business under any of the types of business (ii) to (v) above is not material, such business may be accounted for under (i) above;

(a) gross premiums receivable from-

(i) direct underwriting business;

(ii) reinsurance contracts accepted,

distinguishing between premiums on new policies and premiums on renewal policies and single premium policies and regular premium policies;

(b) reinsurance premiums payable, distinguishing as in (a) above;

(c) commissions payable to agents, brokers or ceding insurers in respect of

(i) direct underwriting business;

(ii) reinsurance contracts accepted,

distinguishing as in (a) above;

(d) commissions receivable from reinsurers, distinguishing as in (a) above;

(e) gross claims payable in respect of-

(i) direct underwriting business;

(ii) reinsurance contracts accepted,

distinguishing between those payable on death, on surrender, by way of lump sum on maturity or by way of periodic payments under the contracts of insurance;

(f) claims recoverable from reinsurers, distinguishing as in (e) above;

(g) interest or other income from long term business assets;

(h) dividends to policy holders;

(i) management and other expenses.

26. There shall be shown---

Profit and Loss Account

(a) the amounts respectively of income from listed investments and income from unlisted investments;

(b) if a substantial part of the insurer's revenue for the financial year consists of rents from land and buildings, the amount thereof (after deduction of ground-rents, rates and other out-goings);

(c) any contribution to profits other than (a) and (b) above from sources other than insurance business;

(d) the amount provided for depreciation, amortization, renewals or diminution in value of assets;

(e) the amount of any provisions made other than provisions for depreciation, amortization, renewals or diminution in value of assets or, as the case may be, the amount withdrawn from such provisions and not applied for the purposes thereof;

(f) if, as respects any assets in whose case an amount is provided for depreciation, amortization or diminution in value, an amount is provided for renewal thereof, the last-mentioned amount shall be shown separately;

(g) if the amount provided for depreciation or diminution in value of any fixed assets (other than investments) has been determined otherwise than by reference to the amount of those assets as determined for the purpose of making up the balance sheet, that fact shall be stated. Where land or buildings have been revalued and as a result of the valuation there has been a change in the basis of depreciation in the period with regard to the land or buildings, the effect of this change shall be disclosed, if material;

(h) the amount of interest on loans made to the insurer, whether on the security of debentures or not;

(i) the amount of the charge for taxation;

(j) the amounts respectively provided for redemption of share capital and for redemption of loans;

(k) the amount set aside or proposed to be set aside to, or withdrawn from, reserves;