Section 46. Accounting periods of insurers. (INSURANCE ACT, 1963

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

PART IV - MISCELLANEOUS AND GENERAL
Supplementary

Section 46. Accounting periods of insurers.

(1) In this Act "accounting period" means, in relation to any insurer, the period for which the insurer makes up the accounts of the insurance business carried on by him in the Federation; but, unless in any particular case the Commissioner allows those accounts to be made up for a longer or shorter period, every accounting period for which those accounts have not peen made up before the commencement of this Act shall be a period of twelve months beginning from the commencement of that business or from the end of the preceding accounting period.

(2) In this Act "initial accounting period" means, in relation to any existing insurer, the accounting period beginning with 1st January, 1963, or if the insurer has no such accounting period, the first accounting period beginning thereafter.