(1) The Insurer shall publish the balance- sheet and profit and loss account of all transactions regarding the Insurance Business of each year within six months of the expiry of the fiscal year and shall submit a copy to the Board.
(2) If any Insurer submits an application to the Board for the extension of the time limit pursuant to Sub-section (1), for submitting the balance- sheet and profit and loss account, stating the reasonable ground for its inability to do so within the time-limit, the Board may extend the time-limit up to one month.