(1) The insurer shall conduct an audit within three months of the end of the financial year in accordance with the prevailing law. (2) If the insurer who is unable to conduct the audit within the period specified in sub-section (1) requests for an extension of the period for conducting the open audit for reasonable reasons, the authority may extend the period up to two months.
(3) In the audit report, any irregularity or irregularity observed during the audit and whether or not any response was received from the management of the insurer should also be mentioned.
(4) Notwithstanding anything written elsewhere in this section, the Authority may prescribe a format for a separate detailed audit report (long firm audit report) for the preparation of the audit report of the insurer, and if such format is prescribed, the auditor shall prepare an audit report in accordance with such format and submit it to the Authority. .
(5) The insurer shall submit its financial statements to the Authority for approval within thirty days of the completion of its audit.
(6) If it is necessary to discuss the financial statement of the insurer, the authority may call the director, executive head, employee, auditor or any other related person or organization of the insurer and it will be his duty to appear before the authority when so called.
(7) Without submitting the report to the authority in accordance with sub-section (5), the insurer shall not submit, publish or call a general meeting of the insurer to any body other than the government body to which the report must be submitted according to the prevailing law.
(8) The insurer shall publish and broadcast the audited financial statements at least twice every year through the national level media and also make public through its website.
(9) Regardless of what is written in the prevailing law, if the audit cannot be conducted due to the fact that the insurer has not appointed an auditor, the authority may appoint an auditor for such insurer, even if the period is extended according to sub-section (2). (10) According to subsection (9) appointed by the authority cThe remuneration of the auditor of the re insurer and other expenses related to the audit shall be borne by the respective insurer.
(11) Matters to be disclosed by the auditor in the audit report and other provisions related to the audit of the insurer shall be as prescribed.