Section 22. Annual accounts and audit. (INSURANCE ACT, 1963

(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963

PART III - RETURNS, INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS
Returns

Section 22. Annual accounts and audit.

(1) An insurer registered Under this Act shall prepare the statements of account and other statements required by Part I of the Fourth Schedule and lodge them with the Commissioner (together with any prescribed fee), and Part III of that Schedule, so far as relevant to those statements, shall have effect with respect to their form and contents and to the time and manner in which they are to be lodged.

(2) An insurer register under this Act shall have its accounts audited for each accounting period for which statements of account are prepared in accordance with subsection (1), and when those statements are lodged with the Commissioner there shall be lodged with them a certificate of the auditor as required by Part I of the Fourth Schedule.

(3) The audit required by sub-section (2) shall be made by a person who-

(a)

has a place of business in the Federation; and

(b)

is for the time being authorised under section 8 of the Companies Act, 1965 [

Act 79/65

], to be the insurer's auditor or an auditor of companies generally; and

(c)

has for the time being the approval of the Commissioner to act for he purposes of this section.

(4) In the case of a company incorporated or established outside the Federation, the audit required by sub-section (2) need not extend beyond the business for which and insurance fund is maintained under this Act.

(5) The documents to be lodged with the Commissioner under this section for any accounting period of an insurer shall be accompanied by copies of any report submitted to the members of the insurer with respect to that period and (if it is not among the documents so lodged) by any statement of accounts so submitted with respect to that period; but references in this Act to documents lodged with the Commissioner shall not be taken to include documents required by this sub-section to accompany documents so lodged.

(6) Where any report or statement referred to in subsection (5) was in a language other than Malay or English, the copy required by that sub-section shall be in Malay or English and shall be certified to be a true translation of the original by the translator.